Ltcg
chinu
(Querist) 14 June 2014
This query is : Resolved
We sold our ancestral inherited property for Rs 15360000/-.For three of us the share came as 5120000/-. We are put up in different cities and are not in talking terms. The problem is that I will be investing my long term capital gain in capital gain account but what if they don’t do so. Although in the sale agreement pan nos. and names of all three of us are written and it is also mentioned that the amount is divided in three of us with the details of D.D. Nos. given to us at the time of selling.
Can I go forward with my investment calculating the long term capital gain tax for my amount i.e. Rs 5120000/-?
Please guide me asap.
R.K Nanda
(Expert) 14 June 2014
consult tax lawyer.
Anirudh
(Expert) 14 June 2014
Yes, go ahead and do whatever that you have to (like purchasing new property or depositing in account etc.) for your share. The rest of them can take care of themselves.
chinu
(Querist) 15 June 2014
We sold our ancestral inherited property 4 months back. The share was divided amongst three of us ,my elder brothers in law and me (my husband died 6 years ago).We are put up in different cities and are not in talking terms. The problem is that I will be investing my long term capital gain in capital gain account but what if they don’t do so. Although in the sale agreement pan nos. and names of all three of us are written and it is also mentioned that the amount is divided in three of us with the details of D.D. Nos. given to us at the time of selling.
Neither I have the old sale agreement (When the house was built or bought) nor the new one(when it is sold), so I don’t know how to calculate the LTCG also. Please help me as soon as possible.
T. Kalaiselvan, Advocate
(Expert) 16 June 2014
It is better you consult a local tax consultant who will be able to advise you properly on the issue.
