tax liability

This query is : Resolved

Surabhi S. Karpe (Querist)
Follow

14 December 2010 Please tell us, we are sale our father's property, now this property is mothers sister and brother and me. we will sale out now, so what is the tax liabiltity or not and why ?

surabhi

taxindiaconnect

taxindiaconnect (Expert)
Follow

14 December 2010 You need to pay capital gain tax @ 20% on the differenace between purchase price your father paid and the amount at which it is being sold. sicne the property is now in the name of four persons the tax amount shall be accordingly divided.