capital gain tax on selling of inherited property
joydeep chatterjee
(Querist) 24 December 2010
This query is : Resolved
sir,
after my father's death,me,my mother & brother are the legal heir of my father's house.we want to sell the ground floor of the property.municipality mutation is in our name i.e. me,mother & brother.
i am planning to buy a new flat in my name with the proceedings of the sale.but i will be required to use my mother's & brother's amount of share for purchasing the new flat.My question is how my brother & mother will give me their share of amount for purchasing of new flat?what is the procedure?
what will be the capital gain tax incase of my mother & brother?
soumitra basu
(Expert) 26 December 2010
Your mother and brother has to pay 20% of the capital gain if they do not invest. Tax paid money may be transferred to you by way of gift.
