Capital gain query-interesting

456 views
User Avatar

article
24 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.

Reply Share Follow
On 05 January 2012 at 22:36 Report
Replies (1)
User Avatar

Chartered Accountant
4780 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

Reply
On 05 January 2012 at 23:11

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Income tax act 2026
  2. Belated Return where Form 10IEA filed this year to
  3. GST Reconciliation Tool (2A vs Books) - looking fo
  4. TDS ON PF FORM 19 WITHDRAWAL
  5. Can a virtual office in Mumbai be used for company
  6. Eway and e invoicing in condition where 4 party ar
  7. Bank balance in ITR-3
  8. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  9. Tempsens Instruments IPO GMP Allotment Listing dat
  10. Upload Type - Correction. Not showing in TDS filli

More recent discussions | Post

Related Topics :

Loading