taxincome
Querist :
Anonymous
(Querist) 02 February 2011
This query is : Resolved
ir,
A aided managment school in tamil nadu having eight management members sold for Rs.2 crores documented.
For 8 members it is divided.
School built up by their father in the year 1935 with periodic renovations etc.
The cost of property is not at all available in the wills etc.
What is the tax consequences and arrive at the tax liability of each party.
If anyother thing to be noted specially please inform.
soumitra basu
(Expert) 15 April 2011
1. Fair Market value as on 1.4.1981 has to be assessed by a registered income tax valuer.
2. Each party has to pay 1/8th of capital gain tax if he does not invest either in the residential property or in specified capital gain bond.
