Capital Gain on land

This query is : Resolved

Kannaya (Querist)
Follow

06 December 2016 Respected Expert, This might sound wierd....but i am asking this query on purpose...as a Chartered Accountant in my town said so.. My deceased grand father has a land(non agricultural land). He is having 3 sons... My father and 2 brothers.... Last month they divided the land into 3 parts and registered the same in their names respectively paying the appropriate registration fee. Does this attract any Capital Gains...?? or any other taxes.. A chartered Accountant in my town said that tax is payable..I felt wierd....but for a second doubted myself that he might be right... Can u please guide me in this regards as to whether any tax is payable.. Thank You.

Message likes : 1 times

VIPIN GUPTA

VIPIN GUPTA (Expert)
Follow

06 December 2016 As per sec 47 (iii) transaction will not be regarded as transfer as the same be come under "transfer of capital asset under gift or will or and irrevocable trust" so no capital gain will be applicable

Message likes : 1 times