Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2011 a person inherited a land. the land was compulsory acquired by govt. tds was deducted in his name . land was acquired by his grandfather and inherited by his father and his two uncles. after recieveing consideration he distributed it equally among his uncles and himself. i want to know what is his the tax liability and liability of his uncles as well ?? and how it will be shown in returns ???

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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06 December 2011 sharing of consideration with uncles is clearly diversion of income so your share only be taxable in your hands. For calculation purpose you should divide the consideration& cost among three members , calculate capital gain Separately.

You can Claim the TDS , settle it to uncles by payment.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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17 March 2012 Go to the provisions of Section 199 where the TDS of joint property can be claimed by all the co-owners in their equal proportion. As regards calculation of Capital Gains you have to make an agreement with your uncles that one person can execute the sale deed but the same shall be distributed in the proportion predetermined between the co-owners.

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