Family settlement
This query is : Resolved
02 August 2012
Case:
There are few properties belongs to joint family (A,B & C). A is releasing his right in favor of other joint family members and will get 10 lac on account of family settlement. He will gave away his all right on these properties.
properties were inherited to A,B and C on the death of their parents.
Q.1- Income tax liability on A (if any).
Q.2 If there is any I.tax liability how same can be minimized?
There are few properties belongs to joint family (A,B & C). A is releasing his right in favor of other joint family members and will get 10 lac on account of family settlement. He will gave away his all right on these properties.
properties were inherited to A,B and C on the death of their parents.
Q.1- Income tax liability on A (if any).
Q.2 If there is any I.tax liability how same can be minimized?
03 August 2012
yes it is a capital gains in the hands of Mr.A
as it is relinquishment or transfer of Right in the property
Rs.10 lac will be the Sale Consideration
and Properties cost to the previous owner the one from which property is inherited will be the Cost of Acquisition(his share)
Tax can be minimized but following points are required to clarify
1. property is residential house
or plot of land
as it is relinquishment or transfer of Right in the property
Rs.10 lac will be the Sale Consideration
and Properties cost to the previous owner the one from which property is inherited will be the Cost of Acquisition(his share)
Tax can be minimized but following points are required to clarify
1. property is residential house
or plot of land
05 August 2012
Dis agree with Mr. S. Sethia,
If property belongs to joint family(HUF) and transfer among members is on account of partition or distribution amongst member of joint family, this will not be regarded as transfer u/s. 47(1) as such no I Tax will attract.
If property belongs to joint family(HUF) and transfer among members is on account of partition or distribution amongst member of joint family, this will not be regarded as transfer u/s. 47(1) as such no I Tax will attract.
06 August 2012
is it HUF property
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
