Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 December 2011
a person inherited a land. the land was compulsory acquired by govt. tds was deducted in his name . land was acquired by his grandfather and inherited by his father and his two uncles. after recieveing consideration he distributed it equally among his uncles and himself. i want to know what is his the tax liability and liability of his uncles as well ?? and how it will be shown in returns ???
06 December 2011
sharing of consideration with uncles is clearly diversion of income so your share only be taxable in your hands. For calculation purpose you should divide the consideration& cost among three members , calculate capital gain Separately.
You can Claim the TDS , settle it to uncles by payment.
You can Claim the TDS , settle it to uncles by payment.
Message likes :
1 times
17 March 2012
Go to the provisions of Section 199 where the TDS of joint property can be claimed by all the co-owners in their equal proportion. As regards calculation of Capital Gains you have to make an agreement with your uncles that one person can execute the sale deed but the same shall be distributed in the proportion predetermined between the co-owners.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- Is Aadhar PAN linking required for opening bank account?
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Amendment of September 2021 Invoice
- BLOCKED-INELIGIBLE GST CREDIT
- Residential status for filling income tax returns in India
- Offsetting interest income against derivative trading losses
- Appeals vs Writ court -certain doubt
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
