https://www.taxtmi.com/caselaws?id=303493 In a sale of inherited co-owned property, capital gains are taxable separately in each co-owner's hands in proportion to the actual share transferred, so protective assessment in one heir's hands for the other heirs' shares had no legal basis and was deleted. The assessee was nevertheless chargeable on transfer of her own one-fourth share because the registered sale deed completed the transfer for tax purposes, but the gain had to be recomputed on the correct ownership fraction and proper computation basis. The result was partial relief, with the matter confined to recomputation of capital gains. en-us Wed, 11 May 2022 00:00:00 +0530 Tue, 26 Jul 2022 20:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303493 In a sale of inherited co-owned property, capital gains are taxable separately in each co-owner's hands in proportion to the actual share transferred, so protective assessment in one heir's hands for the other heirs' shares had no legal basis and was deleted. The assessee was nevertheless chargeable on transfer of her own one-fourth share because the registered sale deed completed the transfer for tax purposes, but the gain had to be recomputed on the correct ownership fraction and proper computation basis. The result was partial relief, with the matter confined to recomputation of capital gains. Case-Laws Income Tax Wed, 11 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303493