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Capital gain

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Gangatharan

Partner

128 Points Posted on 12 June 2014

Dear all,

My grandmother's sister were expired on 2008. Her asset(House) was sold on 2012 for an value of 1 crore. SInce she dint had any son/daughter, my sisteres and brothers were share that sale proceeds. Is it liable for capital gain tax/ gift tax?? Should i pay for tax for that??

Your suggestion will be appreciated.

Thanks in advance..

Replies (5)

Yogesh Goel

Chartered Accountant

168 Points Posted on 12 June 2014

In this case, there might be someone who would have executed transfer deed as her legal hier for tranfer/sale of the property and in whos name/bank account sale proceeds were recieved. This capital gain will be taxable in that persons hand. Tax is surely payable.

Tribhuvan Aditya Singh

Student as well as Self-employed

3853 Points Posted on 12 June 2014

some has to pay tax on capital gain. an amount can be gifted by a person who lives. how can a dead person gift something????? so the person who was legally authorised to sign the transfer deed of property will be liable to pay tax on such capital gain.