07 August 2013
SIR, FATHER OF 7 SON IS DIED IN 1994. AND HIS PROPERTY IS TRANSFER TO 7 SONS IN EQUAL PROPORTION. AND IN YEAR 2010 SIX PERSON IS RELEASE HIS PROPERTY PORTION TO REMAINING SON. AND THIS PERSON SALE THE PROPERTY IN 2011-12. WHAT TREATMENT IN CAPITAL GAIN TAX. AND TAX LIABILITY FOR ALL PERSONS
08 August 2013
1. When 6 persons released their share in favour of 7th, it is a gift and there is no tax liability in the hands of all the 7.
2. When the 7th sells the property, capital gain will arise in his hands. Cost of acquisition shall be the cost for which the property was acquired by his father.
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