banner_ad

Tax Implications on Sale of deceased owners proerty

Tax queries 380 views 4 replies

There is a House that my Grandfather bought in 1998 on my grandmother's name. Now In March 2024 Grandfather sold it with a gain. But being it is on my grandmother's name and she is died at the time of sale. My father, Uncle and aunty signed on the sale deed. The entire sales consideration was received in my grand father's bank account. But the Income tax portal showing sale of land details in all person's profile who signed on sale deed. Now what would be the action to be done by each of the persons involved in this case?

Replies (4)

Get circle rate of the property as on 01.04.2001. Calculate LTCG over the sale consideration by reducing indexed value of the said circle rate. Divide the LTCG in three equal portion and pay 20% tax over it (by all three individuals); or claim exemptions over it as provided under IT act.

I agree with this but I want to know how these three individuals get exemption u/s 54 

Being co-owners in new HP again. Or better go for Sec. 54EC exemption by individual investments.

Circle rate of property is different


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details