15 November 2011
There are some inherited property but has not yet transferred and registered in the respective family members. Proprty : some lands family members : 4 Case : 1 member is selling some portion of the land to a third party for certain value and the purchaser wants to give some amount to other 3 members so that they do not object in future wrt this deal. In the hands of other 3 members will it be capital gain or not ? and if so how this is to be dealt in
if the family members have undivided share in the property then they all are the owners of the portion of the land to be sold, hence capital gain shall attract. For computation of cap gain, the respective share of each member, sale consideration etc to be observed. btw it is advisable to get property registered in the family member's name.
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