Dear sir,
person sold property registered in name of his father(M) and received consideration of Rs. 1500000.
Rs 1500000 has been credited in account of 3 son (A, B, C) in EQUAL Ratio ₹500000.
How to compute capital gain
Note - Father- died
Property has been not transferred on any one by their father
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Capital Gain on sale of House property Inherentnce
Replies (3)
Quick Summary
Individual share should be calculated on the basis of sales consideration as the son's are the legal heirs by calculating the purchase value of the property or the fair market value of the property by indexation
The shares of sons are determinate and hence it will be one third to each. cost of acquisition will be as that of his father.
Liability of father is paid by legal heirs up to the income received from their father. so here liability for taxability is is in the hands of sons.
calculate capital gain as per the provisions and the tax liability will be paid by their sons.
calculate capital gain as per the provisions and the tax liability will be paid by their sons.
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