enquiry abt tax
This query is : Resolved
22 December 2007
dear sir/madam,
if i sell my inherited property(by partition in this yr.),will i incurr capital gain tax for that?
if i sell my inherited property(by partition in this yr.),will i incurr capital gain tax for that?
S.Srinivasaraghavan
(Expert)
22 December 2007
Of course, yes. The assessment would be HUF, if the property belongs to HUF, governed by Section 10(2), that is listing incomes which do not form part of the income of the person. It states as below:
Subject to the provisions of sub-section (2) of section 64,any sum received by an individual as a member of a Hindu undivided family, where such sum has been paid out of the income of the family, or, in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family ;
Subject to the provisions of sub-section (2) of section 64,any sum received by an individual as a member of a Hindu undivided family, where such sum has been paid out of the income of the family, or, in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family ;
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