To Know Tax Liability on Selling old home after 40 years
This query is : Resolved
14 January 2023
We have 40 year old home on My fathers name. Though it son my Fathers name it is joint property of my Father & his 3 real brothers having equal shares which was mutually agreed on basis of internal relation & belief. No all 4 Brothers decided to sell home and do 4 equal shares. They are ok to sell home without converting into their name. So on paper i can sale home and divide in 4 shares as my father passed away recently. AN di am only his legal successor.
For safer side i just to want to know tax liability or any other liability or expense because of this.
I am already employed in private firm and paying Income tax.
For safer side i just to want to know tax liability or any other liability or expense because of this.
I am already employed in private firm and paying Income tax.
Dhirajlal Rambhia
(Expert)
14 January 2023
All 4 sellers will be charged 25% of LTCG arrived at based on COA of the property as of 01.04.2001.
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