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.
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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.
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