Capital gains
This query is : Resolved
09 August 2013
Our house of forefathers were sold by us and proceeds were directly remitted to repayment of loan taken by our brother and we stood as guarantors.
Adevise on Capital gains as we have not received consideration and it has been deposited for the repayment of debt as a guarantor.
need info asap
Adevise on Capital gains as we have not received consideration and it has been deposited for the repayment of debt as a guarantor.
need info asap
09 August 2013
The ancestral property is sold and the names of the persons(legal heirs) selling the property have been mentioned in the sale deed.
.
Repayment of loan is an application of the capital gain income received. Capital Gains remains taxable.
.
Adopting 1.4.1981 valuation compute the capital gains and divide the capital gains proportionately in the respective legal heirs.
.
.
Repayment of loan is an application of the capital gain income received. Capital Gains remains taxable.
.
Adopting 1.4.1981 valuation compute the capital gains and divide the capital gains proportionately in the respective legal heirs.
.
10 August 2013
as we have not received consideration and amount is directly deposited to Bank Loan account where the property was mortgaged as collateral security
Is there no provision for capital gain tax exemption
Is there no provision for capital gain tax exemption
10 August 2013
As mentioned earlier also,
Repayment of loan is an application of the capital gain income received.
The guarantors created their personal liability and to discharge the said liability willingly or unwillingly they have to utilise the sale proceed.
.
They could have paid it out of their own resources also. Suppose, after meeting the liability through own resources, they sell the property , what should be the tax incidence?
.
As such, Capital Gains remains taxable.
.
Repayment of loan is an application of the capital gain income received.
The guarantors created their personal liability and to discharge the said liability willingly or unwillingly they have to utilise the sale proceed.
.
They could have paid it out of their own resources also. Suppose, after meeting the liability through own resources, they sell the property , what should be the tax incidence?
.
As such, Capital Gains remains taxable.
.
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