Tax Management India. Com
                            Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals News SMS Articles Highlights
        Home        
 
 
Discussions Forum
Home Forum Income Tax This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

← Previous Next →

Capital Gains Tax query, Income Tax

Issue Id: - 111519
Dated: 17-2-2017
By:- Stanley Chathuruthy
Capital Gains Tax query

  • Contents

Hello Forum Members,

I have a capital gains tax query for a property sold recently in Kerala. A commercial property was sold with 3 joint owners(all related family members). The buyer provided 2 cheques as payments, split with different amounts in the name of 2 owners only. For capital gains tax calculation(my understanding is 20% flat), would it be viewed by the income tax department as-

a) Each of the 3 owners received equal amounts irrespective of actual amounts received(due to equal 3rd ownership each) and pay capital gains tax accordingly

or

b) Individual tax liability based on actual amounts received by each individual. For eg Owner 3 received nothing for the sale and hence has 0 CGT liability.

Hopefully a qualified individual is able provide proper tax advice. Thanks in advance.

Posts / Replies

Showing Replies 1 to 1 of 1 Records

1 Dated: 17-2-2017
By:- Aitha RajyaLakshmi

The Sale consideration will be divided in between the Three members as per their Share in the Registered Document and taxed accordingly. If no share is drafted in Documents, divided equally among Three members.


1

Old Query - New Comments are closed.

← Previous Next →
Discussion Forum
what is new what is new
 


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.