What will be tax liability to all persons
This query is : Resolved
07 August 2013
SIR,
ONE PROPERTY IS HELD BY ONE PERSON AND AFTER HIS DEATH HIS PROPERTY DISTRIBUTED TO 7 SON IN 1994. AND 2010 SIX SON RELINQUISH HIS SHARE TO HIS ONE BROTHER. AFTER ONE YEAR OF RELINQUISH HE SOLD THE PROPERTY.
WHAT TREATMENT IN CAPITAL GAIN TAX. AND TAX LIABILITY FOR ALL PERSONS AND DATE OF HOLDING.
ONE PROPERTY IS HELD BY ONE PERSON AND AFTER HIS DEATH HIS PROPERTY DISTRIBUTED TO 7 SON IN 1994. AND 2010 SIX SON RELINQUISH HIS SHARE TO HIS ONE BROTHER. AFTER ONE YEAR OF RELINQUISH HE SOLD THE PROPERTY.
WHAT TREATMENT IN CAPITAL GAIN TAX. AND TAX LIABILITY FOR ALL PERSONS AND DATE OF HOLDING.
07 August 2013
who ever sold (including those who relinquish their right as it is transfer and capital gain attracted) is liable to capital gain tax.
date of holding shall be from the date of prev holder it will be included i.e held by deceased father.
date of holding shall be from the date of prev holder it will be included i.e held by deceased father.
Message likes :
1 times
07 August 2013
SIR,
IN BOTH THE CASES CAPITAL GAIN ARE LONG TERM OR NOT.
IN BOTH THE CASES CAPITAL GAIN ARE LONG TERM OR NOT.
07 August 2013
psl provide the exact dates relevant in this case.
07 August 2013
FATHER PURCHASE DATE YEAR 1986
SUCCESSION DATE 1994
RELINQUISH DATE 2011
SALE DATE 2012
SUCCESSION DATE 1994
RELINQUISH DATE 2011
SALE DATE 2012
07 August 2013
it will be long term capital gain as 1986 will be the date for indexing the cost of acq.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
