Capital gain query of property sold
This query is : Resolved
14 June 2024
2 Brothers both senior citizen sold a property in joint name to a single buyer...whether consideration is mandatory to give both the owners as 1 brother doesn't have Bank account? And consideration received if used to buy another home in the name of wife is it possible? What are the capital gain tax implications in this case?
14 June 2024
Yes, the buyer would prefer to give consideration amount to both be jointly or individually.
Both brothers will be liable for capital gains tax in equal shares.
Both brothers will be liable for capital gains tax in equal shares.
14 June 2024
If one of them do not have bank account whether one brother can take full consideration?
14 June 2024
Yes, but tax liability would not get transferred.
Need to check if buyer is ready to give consideration to only one owner.
Need to check if buyer is ready to give consideration to only one owner.
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