Sale of ancesetoral property

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Sumiti Jain (Querist)
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28 January 2011 A Person has sold his property for Rs. 5 crore which he gets as follow:

some part of property from his mother undre gift &

remaining part of the property is his share obtained by dividing the property in four parts by all the four brothers under mutual consent.

1) Is the partition by mutual consent is valid in our constitution?

2) What will be the cost of property for calcuklating the Capital Gain?

3) What is the treatment of the property which is received as Gift from his mother ?

sivasankar

sivasankar (Expert)
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31 January 2011 Hi,
Is the partition a full partition or partial partition.If it is not partial partition then no clubbing provisions.Cost will be the cost of acquisition of the previous owner both in case of partitioned property and gifted property.

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