capital gain

This query is : Resolved

P. SHARMA (Querist)
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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.

MANISH MITTAL

MANISH MITTAL (Expert)
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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.