Preksha (COO) 03 September 2012
Dear Forum members,
My Dad's property is worth Rs.1 crore (market price) it will be shared among 4 children and mother. What are tax liability if whole deal is white money for each one of us. If we invest in land can we avoid taxation ?
Please let me know
Regards,
Preksha
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 03 September 2012
Section 47 exempts capital gainsor profits on any distribution of capital assets on the total or partial of a Hindu undivided family
Manish (Proprietor) 03 September 2012
Cost index will apply here,I undrstand that u r selling this property and distrubuting the amt as stated in your query.Pl consult your CA.
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 04 September 2012
Indexed cost of Acquisition = Cost of Acquisition multiply by cost inflation indexfor the year of transfer / costinflation index for the year of acquisition or 2011-2012 whichever is later.
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