My maternal grandfather sold half property for 50 lakhs in 2010.
After his death remaining half property was sold by his son in 2020 for 75 lakhs.
This 75 lakhs was distributed equally among son and 2 daughters.
What will be the individual tax liability for son and daughters, taking into account the Cost Inflation Index.
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Tax liability for sale of family property
Replies (1)
Calculate indexed cost of the remaining property based at FMV as on 01.04.2001.
Any excess above the indexed cost & after reducing sale expenditures, if any; will be LTCG over the 75L sale.
20.8% will be the LTCG tax over the gain that may be distributed as per shares of each siblings. (of course, unless any exemption claimed)
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