Hello, there was one parental house sold and proceeds distributed between 6 children. So in ITR of these children with no other income this income will be considered as income from other sorce or Income from house property or income from Capital gains regrds income tax calculation?? Please guide
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Ancestral house sale query
Replies (9)
It will be treated as Income From "Capital Gain".
If there is no any other Income as you mentioned above than every member of ancestral property can claim basic exemption to Individual Rs. 2,50,000.00 (FY 2014-15). And if there is a minor member of ancestral property than his/her share of sale consideration shall be included in the income of their parent.
Agreed with the Jay Kumar.
Ok, thanx but regards CGains in returns ITR2, if the property sale price was say 1Lac, and the person in question got 15% of the proceeds, in his return, will the column>> Full value of consideration be 15000/-?? Which means all relevant colums will be calculated as per 15%??
Yes Mr. Uttam
You will have to show only 15% of sell consideration (as you mentioned) in concerned person's ITR.
If ancestrol property was purchased in early 1930.what cost be taken. ???
Fair value/municipal value as of 1981.
Indexation will be unavailable for Purchase before 1981.
Take FV/MV on 1.4.1981
NOT AGREE WITH JAY
| Originally posted by : Jay Kumar Ratan | ||
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It will be treated as Income From "Capital Gain". If there is no any other Income as you mentioned above than every member of ancestral property can claim basic exemption to Individual Rs. 2,50,000.00 (FY 2014-15). And if there is a minor member of ancestral property than his/her share of sale consideration shall be included in the income of their parent. |
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Capital Gain Tax Rate for all Assets except Shares and Mutual Funds
Long Term Capital Gain Tax Rate: 20%
LTCG charged flat @ 20%, basic exemption slab benefit not available.
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