Capital gain
This query is : Resolved
29 May 2013
DEAR MADAM/SIR
A PERSON IS HAVING A PROPERTY IN HIS NAME AFTER THAT HE TRANSFORMED THAT PROPERTY IN FOUR PARTS EQUALLY TO HIS TWO CHILDREN ,ONE FOR HIMSELF AND OTHER TO HIS WIFE...
AFTER THAT THAT PROPERTY IS SOLD OUT FOR 2 CRORE..
SO WHAT IS THE TAX IMPLICATIONS ON EACH INDIVIDUAL????
A PERSON IS HAVING A PROPERTY IN HIS NAME AFTER THAT HE TRANSFORMED THAT PROPERTY IN FOUR PARTS EQUALLY TO HIS TWO CHILDREN ,ONE FOR HIMSELF AND OTHER TO HIS WIFE...
AFTER THAT THAT PROPERTY IS SOLD OUT FOR 2 CRORE..
SO WHAT IS THE TAX IMPLICATIONS ON EACH INDIVIDUAL????
29 May 2013
Each part of the property shall be taxable in the hands of the individual owner.
For computing capital gain, the cost of acquisition shall be the cost for which the property was acquired by the previous owner.
The total cost shall be apportioned equally.
For computing capital gain, the cost of acquisition shall be the cost for which the property was acquired by the previous owner.
The total cost shall be apportioned equally.
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