aw khan 12 September 2023
Hi. Need to understand the joint ownership and sale of ancestral property, and distribution of sale proceeds as per Islamic law. Also need to understand the taxes applicable on the acquired amount and Capital gains. Would reach out to expert lawyers pertinent to property laws. Thanks. A. W. Khan
T. Kalaiselvan, Advocate (Advocate) 13 September 2023
There is no ancestral property under the Muslim Law.
A property whether acquired or inherited is regarded as the separate property
There is no distinction between an individual and his self-acquired property in Muslim law. Each and every property that is owned by an individual can be inherited by his successors.
If there are more than one shareholder and if all the shareholders are willing to execute a registered sale deed in favor of the prospective buyer jointly, then there is no issue in it they can do so.
They can distribute the sale proceeds proportionately according to their ratio of inheritance.
The long term capital gains tax is payable in respect of the consideration amount receive by the individual
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