Sale of property
This query is : Resolved
05 July 2014
my father, paternal uncle, 2 paternal aunts and (paternal aunt and their two daughters jointly). totally 5 people above own 1 property which is ancestrol received from my grand mother. so while selling this property, will the income be treated to be earned by individual by dividing the consideration between 5 or will be co sidered as income earned by HUF
Rupesh Jain
(Expert)
05 July 2014
it is taxable in hand of seller and take the value of the last owner and calculate the long term capital gain.
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