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Tax calculation - old property
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....ax calculation - old property<br> Query (Issue) Started By: - Nandagopal Samarajalingam Dated:- 1-10-2009 Last Reply Date:- 13-10-2009 Income Tax<br>Got 2 Replies<br>Income Tax<br>When an old property (40 years old ) is inherited by the children from the father and after his death the property is sold currently and the proceeds are shared equally between the children, Is the Capital Gains tax is a....
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....pplicable individually for all the children ? How is the tax calculated, if applicable? What is the time limitation ? Reply By Rama Krishana: The Reply: Sharing of proceedings is only a factor, but the real issue transfer of ownership. Since the property is inherited by the children from the father after his death, children became the absolute owner of their share individually, though for the pur....
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....pose of capital gains it is not treated as transfer at the time of death of father. Therefore, all the children's would be taxable individually. But, once, it is found that the property was the part of HUF property and HUF is unpartitioned, the position may be different. Reply By DEV KUMAR KOTHARI: The Reply: Do your ground work and then come for discussion with full information. Mr. Rama Krishn....
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....a has replied well. Check the applicable personal law. whether property was inherited by father also, or whether it was from ancestral sources etc. As date of acquisition is prior to 01.04.1981 the fair market value as on 01.04.81 can be opted with benefit of cost inflation index factoring. In case there was any family settlement or understanding or gifts inter say amongst new owners, then capital....
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.... gains may be taxable in hands of beneficiaries. This column of TaxTMI - Home is to initiate discussion and ascertain various possible views to further the object of learning and sharing knowledge and to clear doubts. The issue placed should include some basic information about the subject matter so that readers can at least have some idea about the issue, problem, related provisions and off cours....
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....e the views of the initiator of the issue. This will be helpful in getting better response from learned readers. In absence of the same, the readers cannot be serious about the issue and willing to spare time to merely provide information and solutions. This is my personal view.<br> Discussion Forum - Knowledge Sharing ....