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Please Help: tax emplication

Posted Date : 16-Nov-2011 , 02:04:46 pm | Posted By: JEETENDRA KUMAR

Category : Income Tax | Answers : 1| Comments : 0| Hits: 379

what is tax implication if after deth of parent legal heir sale proprty of parent and distributs amongs them

Answers:
   Answer by: AKHIL MAHESHWARI
As the property comes to the legal heirs on succession, previous owner's cost of acquisition and holding period of assets will be considered for the purpose of capital gains and legal heirs will be treated as co-owners. After finding the capital gain by deducting indexed cost (cost of previous owner comparing the date of purchase by previous owner)out of sales consideration, it will be distributed equally among all the legal heirs..... after getting capital gain, if a new house property is purchased, will be allowed as deduction from CG......and loan may be availed for additional amount......and Hence capital gain tax @ 20% may be calculated and further treatment for computation of tax is same......
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