16 January 2017
we had sold a house which was jointly in the name of my brother, mother and me.plz advise regarding the applicability of capital gain tax. also advise the tax implications if mother had gifted the amount of her share to us.
18 January 2017
The Capital Gain shall be calculated in the hands of all three of you as per your share in the property. The Gift of consideration received after the sale is shall have no implication on calculation of the Capital Gain and the Gift is not taxable in the Hands of the Sons
CAclubindia
