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Money received on brother Separation
What will be the taxability of the amount received in case where a brother received, a sum of Rs. 15 lakh in lieu of his share in a house registered in father's name, from another brother?
Replies (2)
From receipt angle it is gift from brother
However foregoing his share will result into Capital Gain in his hands with cost of acquisition being cost at which house originally bought (to the extent of foregone share)
However foregoing his share will result into Capital Gain in his hands with cost of acquisition being cost at which house originally bought (to the extent of foregone share)
As per my view, its not a gift, it will be considered as sale
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