Proceeds from sale of property

Vee kay kapoor (Querist) 13 September 2015 This query is : Resolved
A property in name of my mother was sold in 2005 in delhi and sale proceed was invest in another property in gurgaon in name of my younger brother. Now we plan to sell it and sale proceed will be shared between two of us. What are the tax implications on my brother and me I. e. Capital gain tax and further income tax. Kindly advice.

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Anirudh (Expert) 14 September 2015
Only long term capital gains tax needs to be paid on the gain that you get from sale of the property.

R.K Nanda (Expert) 14 September 2015
consult tax lawyer.

Rajendra K Goyal (Expert) 14 September 2015
Long term capital gains tax need to be paid by your younger brother.

T. Kalaiselvan, Advocate (Expert) 21 September 2015
You tax consultant/auditor will be having proper answers to this, why dont you consult one.

H.M.Patnaik (Expert) 18 March 2016
Agree with Mr. Goyal.

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