Capital Gain on Inherited property on sister share

Tax queries 318 views 3 replies

Dear experts,

Me and my sister was legal heir for my fathers property, I sold house on the name of my father and received the whole amount in my account. Now my sister is asking for share on the same.

Can i transfer her portion of money to her account and consider remaining amount as my capital gain, My sister will file her own income tax with capital gain.

 

What is the way out to avoid capital gain on my head for the portion i am giving to my sister.

Thanking you in advance

Replies (3)
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No capital gain on inheritance unless its a transfer by way of deed and stamp duty.

Yes, both of you can declare the shares in property as 50:50, and offer to assess the capital gain also equally divided.


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