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if house is sold by legal heirs capital gain is Rs. 50lakhs. proceed of sale is distributed between two brother who are legal heirs. discuss taxability of sales proceeds?????? if both brother purchases two new houses..then can both get exemption????????? |
Any capital asset received under the family setlement is exempt from capital gain
now after settlment if any person sale it then he is liable for capital gain and also eligible for sec54 exemptions
more views are invited on this issue.
capital gain will arise according to the sale proceeds they distribute among themselves and yes both will get exemption .......
CAclubindia
