Mr. A purchased a land in the name of his father. A have four brothers.
Now after the death of his father he wants to sale the land.
All the brothers have given noc to him.
What is the capital gains tax liability?
Is the capital gains tax liability for all the brothers or for only Mr. A?
please let me know
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Capital gains
Replies (4)
Since the land was bought in father's name, it is taxable proportionately As per the share of each person in the land.
Ok but they all given noc to Mr. A to hold and sale the land
If before NOC the land was not transferred to A, then Mr A will have to get succession certificate in his sole name. At that time the base Value of land will be mentioned in Succession Certificate. And court will leavy stamp duty accordingly. Then on Sale of the land, the total Capital Gain tax liability will be on A.
Thanks @ BHARAT CHANGELA
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