regarding the longterm capital gain
R_PVK
(Querist) 14 September 2010
This query is : Resolved
Dear sir
M y mother had been issued the letter of aministration for the property worth of one crore
the querry is
1, any asset if sold within three years are bound to have in come tax or mere title change is supposed to be Gift. if my mother is thinking of distributing it to their childrens say 4 + to the two daughters of his brother what will be the procedure
2, if she pays tax like high capital tax gain or low capital tax gain and distributes to the children and brothers daughter whether the receiver has to pay further tax or will it be treated as gift
3, what is the maximum limit above which the gift tax has to be paid
4, whether the long term capital gain will be calculated right from the date of sucession certificate issued or from the date of row house purchased by my uncle but he is no more and thus the sucession certificate applied and got. pl do reply
regards
prabhu
s.subramanian
(Expert) 14 September 2010
It will be better and safer for you to approach the CA club.
