Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

Capital Gains Tax query

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 cheq .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ues 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) Eac .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... h 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . - Reply By Aitha RajyaLakshmi - The Reply = 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... drafted in Documents, divided equally among Three members. - Capital Gains Tax query - Query Started By: - Stanley Chathuruthy Dated:- 17-2-2017 Income Tax - Got 1 Reply - Income Tax - Discussion F .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... orum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates