long term capital gain on residential property acquired from father

Querist : Anonymous (Querist) 15 March 2011 This query is : Resolved
a residential property in fathers name , on death of father was transferred to elsest sons name for convenience father survived by wife 2 sons and 1 daughter all married mother since expired now if property is sold can all the sons and daughter claim long term capital gains by investing in different properties

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R.Ramachandran (Expert) 15 March 2011
Since the property is in your elder brother's name (whatever may be the reason), the entire capital gain will be taxed only in his hands. Others have no role to play.

ESTHERPRIYA (Expert) 21 March 2011
On what deed the property was transferred to eldest sons name. Kindly give the details of the deed. If the property is self acquired and no will has been left by the deceased, the property devolves upon every legal heirs equally and you can very well invest them in other property and claim capital gain investment. I can even help you in doing this. In case you need any clarification contact us at -
M/s.S&P Law Associates
Law Firm at Chennai
Phone : 044 - 43302424
Cell: 9840729285
Email: sandplawassociates@gmail.com
Website: www.sandplawassociates.com

soumitra basu (Expert) 09 April 2011
Mr. Ramachandran is correct.

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