Capital Gains Tax query

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..... Capital Gains Tax query
Query (Issue) Started By: - Stanley Chathuruthy Dated:- 17-2-2017 Last Reply Date:- 17-2-2017 Income Tax
Got 1 Reply
Income Tax
Hello Forum Members, I have a capi .....

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..... tal 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 differe .....

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..... nt 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 am .....

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..... ounts 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 individua .....

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..... l. 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. Reply By Aitha RajyaLakshmi: The .....

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..... 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 drafted in Documents, divided equally a .....

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..... mong Three members.
Discussion Forum - Knowledge Sharing .....

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