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Capital Gains Tax query - Income TaxExtract 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.
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