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For All CAs - Discussion Forum

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)

10 July 2010

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2 Replies

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 10 July 2010

Any query direct to the ICAI officials

ICAI e Sahayata

e-Sahaayataa

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Shanmuga sundaram (Practising Chartered Accountant) (46 Points)
Replied 22 March 2014

i have query on income tax capital gain. Issue is as follows: Grandfather in his will wrote that the house property will belong to his grandson but he cannot sold/transfer the property until the life of his mother (i.e,mother of Grandson). Till her life she can enjoy(live) in that property. Now the property was sold by Grandson with the consent of his mother and both signed in the Sale deed and each received 50% of the sale consideration. Sale consideration is below the guideline value. Now My query is whether mother have to show her receipt on sale(i.e., proceeds received on giving away her right to live in the property) is capital receipt and not taxable or taxable.?

Whether grandson can claim diversion of income(50% of proceeds given to his mother) in computing income from long term capital gains and balance 50% alone can be considered in computing LTCG?