Dear all,
My grandmother's sister were expired on 2008. Her asset(House) was sold on 2012 for an value of 1 crore. SInce she dint had any son/daughter, my sisteres and brothers were share that sale proceeds. Is it liable for capital gain tax/ gift tax?? Should i pay for tax for that??
Your suggestion will be appreciated.
Thanks in advance..
In this case, there might be someone who would have executed transfer deed as her legal hier for tranfer/sale of the property and in whos name/bank account sale proceeds were recieved. This capital gain will be taxable in that persons hand. Tax is surely payable.
Who sold her property? Whose name is mentioned in the sale deed? Those will be liable to long term capital gain.
Thanks all...
CAclubindia
