Tax on gift money received from brother from the sale of land
This query is : Resolved
Ali Darial
(Querist)
20 November 2022
I and my brother have sold land the sale deed of which is executed in our names, the land has been given to my in the family settlement earlier, the buyers in paying us both in equal share, how can I take the money from my brother and what are the tax implications for both of us. Please advise
Dhirajlal Rambhia
(Expert)
20 November 2022
Generally, purchaser will give the sale consideration to both of you equally divided, may be after deducting TDS, if applicable.
Here your brother can pay you half of it by any banking channel, provided totally received by him.
Both of you will be liable for capital gains tax. (of course, each for 50% of total consideration)
Here your brother can pay you half of it by any banking channel, provided totally received by him.
Both of you will be liable for capital gains tax. (of course, each for 50% of total consideration)
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