Tax liability

This query is : Resolved

Sanjeev Jhamb (Querist)
Follow

19 March 2009 Dear Sir,

Facts of the case are as follows:

Ancestral Commercial property is sold for Rs.16Lacs sold on 28.12.08 (Property was purchased as on 1965)
Legal heirs are :4 (Each is getting Rs.4Lacs)

Brothers: has deposited their share in the bank with their HUF A/C s

Pls guide the tax liablity of each beneficiary.
How tax saving could be done by investing in Other property/Nabard Bonds

Thanks and Regards,
CA.Sanjeev Jhamb
98144-19667

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
Follow

19 March 2009 if the above property is purchased by your grand father then it is huf's porperty otherwise it is individuals property you will first find out 1981 property's cost for indexation then you will take benefit u/s 54F

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
Follow

19 March 2009 Who is the owner of the property as per land records i.e conveyance deed and sale agreement coz answer depends on that only.

Upgrade to CAclubindia Pro. Subscribe Now!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

07 November 2021 Calculate LTCG based on property value as on 1.4.1981, after reducing indexed COA.
The gain can be invested in NHAI CG bonds for tax savings u/s. 54EC.