Dear Users ,
Pls advice with your experience on the clarifications I have got on managing the Capital Gain,
My GrandMother (in her last stage of life) has got captital gain money deposited in a C.Gain account in a nationalised bank. As per the regulations the CG amount can be used to adjust with new property. She has got 4 children (2 daughter, 2 sons) and feels she has already done best to her daughters and feels the property that has to be bought from the CG account has to be divided in 2 halfs among the sons.
1. Since she is counting her days what will happen to the CG amount that is deposited in her name . Can it be split among the sons (or) will daughter demand proportion from it (or) will it be taken by I.T .... . Meaning what will happen to the CG account and how can it be used to benifit her sons.
2. Incase if a property has been bought adjusting the CG amt , can the daughters claim portion of it ? What can be done to avoid it.
Pls advise.
Regards.
Ram
CAclubindia
