Whether tax liability in the hands of individual or huf?
This query is : Resolved
Sandeep Agarwal
(Querist)
04 January 2013
Mr. A died 20 years ago. Mr. A was having 4 sons and all have died. Now 6 grand sons of Mr. A are alive. Mr. A has left behind him a plot which was purchased in 1951. Now 6 grand sons are selling that plot. Now my question is whether the capital gain which would arise on the sale of above plot would be taxable in the individual capacity of all grand sons or in the HUF capacity of all grand sons ? Please clerify in detail.
Amol S Joglekar
(Expert)
04 January 2013
7/12 extract entry is important. If it is in the name of HUF, then grand sons have the choice to continue the taxation with the HUF OR complete division of HUF and then tax the capital gain. OR in the absence of any HUF entry in the 7/12 extract.... each grand son will be taxed individually.
Sandeep Agarwal
(Querist)
08 January 2013
Joglekar sir please make it clear what is 7/12 extract?
Amol S Joglekar
(Expert)
09 January 2013
The paper containing the ownership details.
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