Tax on sale of ancestral property
Abhijeet Gupta
(Querist) 10 December 2014
This query is : Resolved
My grandmother had purchased a house in 1984. She has divided the property into 5 shares into her sons. Now after her death, all sons are decided to sell this property and they have sold this Rs 2.12crore in 2014.
As per my father shares he would get 10% of the sold amount. My father is retired man and he doesn't have any property on his name. Just wanted to know his tax liability in this case. What would be the taxable amount?
Also, wanted to know what are the different ways to save the tax.
Anirudh
(Expert) 10 December 2014
To calculate the amount of long term capital gains tax, you have to indicate the cost of purchase in the year 1984, you also have to indicate the stamp duty paid at that time.
Then you say that your grand mother divided this property into 5 shares. Was there any family settlement deed or partition deed for this purpose in writing?
Was the property mutated in the name of your father and his other 4 brothers or continued to be in the name of your grand mother?
When your grand mother divided the property in 5 parts and gave it to her sons, why do you say that your father will get only 10% (instead of 20%) of the sale consideration?
When you say that the property was sold for 2 and odd crores, I take it that was the value shown in the Registered Sale Deed. Please confirm.
Whether other brothers of your father are having more than one house (other than the one that they have sold now)?
Guest
(Expert) 10 December 2014
Better Consult a Good Chartered Accountants or CA Club to avoid being Mislead by Anonymous Persons.
Anirudh
(Expert) 10 December 2014
This fellow is good for nothing. Many a times he gives advices which are not supported by law.
TAKE THIS FELLOWS FALSITY IN HIS PROFILE. THIS FELLOW ATTACHES MORE IMPORTANCE TO THE PROFILE, WHILE HE IS FILLING UP TOTAL FALSE HOOD IN HIS PROFILE.
please visit the following link:
http://www.lawyersclubindia.com/lawyers_search/N-J-S-Rajkumar-alias-narasimha-254519.asp#.VIcRwmeHPFx
where he claims that he is practising from 2001, while as already indicated by me, he was enrolled only in the year 2012!!! CAN ANYBODY PRACTICE BEFORE ENROLMENT? IF ONE DOES SUCH A PRACTICE IS HE NOT FIT TO BE CALLED A "FRAUD"?
N.J.S.Rajkumar alias narasimha's Details
Listed Under
Business Law
Civil Law
Criminal Law
Practicing Since
2001
Specialization
SEBI and SEBI RELATED CASES
Court
Others
Address
54,PARASURAMA EASWARAN KOIL WEST MADA STREET,AYANAVARAM,CHENNAI 600023
Other Details
rajkumar_wins@rediffmail.com 9444036927
Therefore, before taking advice, the querist should be too careful.
Guest
(Expert) 10 December 2014
Funny Anonymous
Anirudh
(Expert) 10 December 2014
YES, HIGHLY FUNNY AND FRADULENT.
A PERSON ENROLLED ONLY IN 2012 CLAIMING TO BE PRACTICING FROM 2001 IS QUITE FUNNY AND FRADULENT ALSO.
YOU HAVE BEEN DUPING WITH YOUR FALSE PROFILE ALL ALONG. YOU CANNOT DO ANY MORE.
ajay sethi
(Expert) 10 December 2014
answer queries raised by MR Anirudh
Rajendra K Goyal
(Expert) 10 December 2014
Consult your tax consultant and show him the related documents.
malipeddi jaggarao
(Expert) 10 December 2014
Yes, answer the queries raised by expert Mr.Anirudh. It is advisable to visit a tax consultant with relevant papers.
T. Kalaiselvan, Advocate
(Expert) 13 December 2014
The queries raised by expert Mr. Anirudh if answered, maximum reply will be derived in the reply itself, however, in case of more clarifications you may consult your auditor.
