Whether tax liability in the hands of individual or huf?

This query is : Resolved

Sandeep Agarwal (Querist)
Follow

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

Amol S Joglekar (Expert)
Follow

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

Sandeep Agarwal (Querist)
Follow

08 January 2013 Joglekar sir please make it clear what is 7/12 extract?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

09 January 2013 The paper containing the ownership details.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SARAVANAN PALANISAMY

Vishnu Agarwal

SHUBHANGI GOEL

Shivchandra Jakhotia

CA Lalit Kumar Agrawal

Subscribe Now

Whether tax liability in the hands of individual or huf?

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA