Sale of property
This query is : Resolved
01 February 2025
We are four siblings and planning yo sell a plot along with three shops built on it in a town in karnataka. How do we show the income recd as a part of my share in my tax return and do I need to pay any income tax on the amount received. If I opt not to take any amount from the sale proceeds ,do I still have to pay any tax on my share in the proceeds as I willbe signing in the sale deed even if i dont accept the amount .also let me know which will be less costly and less cumbersome to execute a gift deed or relinqishment deedfor my share in favour of any other sibling .
CA R SEETHARAMAN
(Expert)
02 February 2025
12.50% Capital gains tax applicable on your share of capital gains.
You can avoid it by executing gift deed before execution of sale deed.
You can avoid it by executing gift deed before execution of sale deed.
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