Tax Implications on Sale of deceased owners proerty

Tax queries 119 views 4 replies

There is a House that my Grandfather bought in 1998 on my grandmother's name. Now In March 2024 Grandfather sold it with a gain. But being it is on my grandmother's name and she is died at the time of sale. My father, Uncle and aunty signed on the sale deed. The entire sales consideration was received in my grand father's bank account. But the Income tax portal showing sale of land details in all person's profile who signed on sale deed. Now what would be the action to be done by each of the persons involved in this case?

Replies (4)

Get circle rate of the property as on 01.04.2001. Calculate LTCG over the sale consideration by reducing indexed value of the said circle rate. Divide the LTCG in three equal portion and pay 20% tax over it (by all three individuals); or claim exemptions over it as provided under IT act.

I agree with this but I want to know how these three individuals get exemption u/s 54 

Being co-owners in new HP again. Or better go for Sec. 54EC exemption by individual investments.

Circle rate of property is different


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