Taxability of property, Income Tax

[BAL KRISHAN GARG]

A,B&C are brothers and properties purchased in 1966and partition take place in 1982.A become the owner of a specified property along his family.in 2004 he died and Property tfd.in the name of A's Son in 2006 .Property is comprising of 4 floors and son has sold 3 floors and residing in ground floor in 2009 -10 .Advice me the taxability of the same in the hands of Son. What can be the planning is possible for saving the tax.

Posts / Replies

[Ravi Chopra]

The entire of scope of tax planning is depending upon the fact that the what is the status of property? after the death of A, whether this property remains as part of HUF assets or becomes the sole property of the son of the deceased. Such transfer is by way of will or by way of further partition or some other factor.