Capital gain on sale of jointly owned ancestral property by 2 brothers
and the ways to save this capital gain.
Also in such a case of Inherented property what would be the cost of acquisition?
Both shall calculate capital gains separately in equal proportion.
Sale consideration shall be divided equally among both.
For cost of acquisition, cost of purchase property of Father or Fair Market Value as on 1.4.2000 shall be considered.
Tax on Capital gain can be saved by investing sale consideration into new residential property or by investing in REC Bonds.
CAclubindia
