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Q.capital gain tax
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Q. capital gain tax

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Anonymous

posted 3 months ago

There is one property which were divided into three portions , one portion is of My wife and his brother, this portion they got after the death of her mother around 5 years back , her mother get this property from her mother in law so many years back .

Now the property was sold last year and sell money were devided in to three owners .

To sell the portion alloted to my wife and his brother, My wife gave power of attorney to his brother to sell and use the money recive, however the money received(1/3 of total property sell amount) to my wife and his brother in equal amount in there respective bank accounts , my wife transfered that amount to his brother's bank account as she dont want any money from this property(she already gave power of attorney to his brother to sell and use the money received) .HIs brother purchased a new house from this money.

Now i want to know is there any capital gain tax need to pay by my wife and if yest how to calculate the tax amount.
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A. Dear Sir,
Get a document from the brother of your wife having received such amount as gift and keep quiet. If any issue arise then only reply to the IT authorities. Nothing to be paid by your wife.
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A. U should approach any local charted accountant for better understanding

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 3 months ago

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