Mr. X had bought a house in 2007 for 10 lakhs...
During 2009, he registered the same house in the name of Y & Z, his major Son & Daughter.
In 2011, the house is being Sold for 20 lakhs...
How will the Capital Gains be computed? Will there be separate computation of C.G in the hands of Y & Z?
Thanks
As per my knowledge, the Capital Gains shall be taxable in the hands of Y and Z in the ratio of their holding.
You can wait for other members to comment on the same.
Regards,
Devendra
The indexed cost of acquisiton will take from 2007 & the tax liability will be imposed on Mr Y & Z.
Yes, who receve the money (Registered owner of the house i.e. Y & Z), are liable to pay capital gain tax.
| Originally posted by : Devendra | ||
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As per my knowledge, the Capital Gains shall be taxable in the hands of Y and Z in the ratio of their holding. You can wait for other members to comment on the same. Regards, Devendra |
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AGREED.
In my view, Y & Z will be taxable in the ratio of holding.
I think the indexed cost ill be taken from 2009.
| Originally posted by : Devendra | ||
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As per my knowledge, the Capital Gains shall be taxable in the hands of Y and Z in the ratio of their holding. You can wait for other members to comment on the same. Regards, Devendra |
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capital gains taxable in the hands of Y &Z in their share holding , taking indexed cost of acquisition in the year of 2007.
| Originally posted by : Sonia Verma | ||
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Mr. X had bought a house in 2007 for 10 lakhs... During 2009, he registered the same house in the name of Y & Z, his major Son & Daughter. - mode of transaction ...................gift to son and daughter or transfer against consideration? In 2011, the house is being Sold for 20 lakhs... How will the Capital Gains be computed? Will there be separate computation of C.G in the hands of Y & Z? Thanks |
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Y & Z is liable for capital gain and its tax,
cost of property would be taken from 2007 in case of gift, and 2009 in case of transfer against consideration.
| Originally posted by : U S Sharma | ||
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Originally posted by : Sonia Verma Mr. X had bought a house in 2007 for 10 lakhs... During 2009, he registered the same house in the name of Y & Z, his major Son & Daughter. - mode of transaction ...................gift to son and daughter or transfer against consideration? In 2011, the house is being Sold for 20 lakhs... How will the Capital Gains be computed? Will there be separate computation of C.G in the hands of Y & Z? Thanks Y & Z is liable for capital gain and its tax, cost of property would be taken from 2007 in case of gift, and 2009 in case of transfer against consideration. |
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| Originally posted by : Devendra | ||
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Agreed
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The capital gain will be taxable in the hands of Y & Z in the ratio of their holding of property.
In this case the long term capital gain will be computed on basis of indextation of the year 2007.
Capital Gains gets shared by both the members in the ratio of their holding... Whether the Gain is Short term or Long Term, we need to know how the property has been transferred to Z and Y??
Taxable in the hands of Y and Z in the ratio of their holding..., and Cost of acquisiotion of preveous owner shall be considered...,
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