Father has self acquired property and died after writing Gift Deed in favour of two sons, 50% for each son . Please explain how capital gains tax would be paid if the property was purchase by father for Rs 50,00,000 and sold by the two sons at Rs 2 crores. The moot question is whether the capital gains rules will apply individually for the sons or both will come under one. No need to take CII for simplification
case 1: Individual capital gains for son A and B: Rs 2,00,00,000 - Rs 50,00,000 = 1,50,00,000 / 2 = 75,00,000
Son A buys another property for Rs 75,00,000
Son B also buys another property for Rs 75,00,000
HENCE, NO SON WILL PAY ANT CAPITAL GAIN TAX ? IS THIS ASSUMPTION CORRECT
