capital gain
This query is : Resolved
19 July 2009
My father died on may—2009. he was the owner of the commercial shop.
I (son ) want to sale that commercial shop. I have a mother & sister (married ).
My father was the income tax assessee. My father has not prepared any deed/ will of that property.
sale value of that shop is RS 350000.00
WHAT WILL BE THE THE INCOME TAX PROCEDURE.
Can my sister (married ) get the portion of sale value as per the law.
I (son ) want to sale that commercial shop. I have a mother & sister (married ).
My father was the income tax assessee. My father has not prepared any deed/ will of that property.
sale value of that shop is RS 350000.00
WHAT WILL BE THE THE INCOME TAX PROCEDURE.
Can my sister (married ) get the portion of sale value as per the law.
19 July 2009
Absense of will, the property will be vested to wife, son and daughter of your father as per Hindu Laws. on sale of property, capital gain (sale consider-direct sale expendire-index cost of acquision)would be taxable in the hand of all property owners. Your sister will be liable to capital gain tax on her portion.
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