Capital gain query-interesting

sneha

article

21 Points Posted on 05 January 2012

Assessee is having 3 brothers.

He sold his ancestral property without informimg any of the 3 brothers for 3 crores.

Brothers inform that they will file a suit against him. The assessee settled by paying 75 lakhs to each of them.

Original cost is 50 lakhs.

Please tell the tax implicatiions.

Replies (1)

Devendra

Chartered Accountant

3769 Points Posted on 05 January 2012

If the Ancestral Property is owned equally or in any other pre-decided ratio, then the capital gain will also be taxable equally or in the pre-decided ratio of all the three assessees.

On selling the Ancestral Property they will earn Long Term Capital Gain which will be taxed @ 20%, also the Indexation benefit shall be available while calculating the Long Term Capital Gain Tax.

Regards,
Devendra Kulkarni

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Capital gain query-interesting

sneha

Assessee is having 3 brothers.

He sold his ancestral property without informimg any of the 3 brothers for 3 crores.

Brothers inform that they will file a suit against him. The assessee settled by paying 75 lakhs to each of them.

Original cost is 50 lakhs.

Please tell the tax implicatiions.

Devendra

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Capital gain query-interesting

Assessee is having 3 brothers.

He sold his ancestral property without informimg any of the 3 brothers for 3 crores.

Brothers inform that they will file a suit against him. The assessee settled by paying 75 lakhs to each of them.

Original cost is 50 lakhs.

Please tell the tax implicatiions.

Leave a Reply

Recent Topics :

Related Topics :