Capital Gain Tax
This query is : Open
Bimal Thacker
(Querist)
17 January 2011
Mr. A purchase house property in the year 1979 and transfer the same in the name of his elder son Mr X in the year 1991. Mr A has three son X, Y, & Z. Now the propery will be sold and sale proceed will be distributed equally to three son X Y Z.
How the tax will be effected and what tax planning should be done
How the tax will be effected and what tax planning should be done
Sunil Kr. Sanganeria
(Expert)
17 January 2011
Since the property is in the name of son. Any profit/loss arising from the sale of property will be taxed under the head Capital Gain in the hands of X Only.
After receiving the sale proceeds by x, X can gift the money to his brother Y & Z
After receiving the sale proceeds by x, X can gift the money to his brother Y & Z
Bimal Thacker
(Querist)
19 January 2011
as the property is proposed to sale, whether before sale gifting the share to two brother is possible?
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