Capital gain on minor children after death of owner

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2012 sir,
a property held in name of husband and husband expired 3 years ago. now property sold and as per court order, one share of mother of deceased gifted to wife of deceased and 1 share to wife, 3 shares to 3 monor children and minor childrens share not to be parted by anyone other than minors till they become majors. what will be taxability in hand of wife and mother and minor children. pl clarify.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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25 December 2012 Minor's share of capital gain will be taxable in the hands of their mother.

pls clarify for the Mother's share to whom it is gifted.

Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2012 mother of deceased gifted her share to wife of deceased

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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09 January 2013 if the property has been gifted by mother to wife then at the time it is sold it will be taxable in the hands of the wife