Regarding tax to be paid on sale of property

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Regarding tax to be paid on sale of property

Hi All,IIt will be great if you can help me with the below question that I have. My grand father had a property on his name which was transferred on my dad’s name after my grandfather’s death. Recently we sold off the property and the amount was divided among my Father,Uncles and  Aunts equally.

Now the question that I have is that my two uncles further invested this amount which they have in property and they are saying that the tax which has to be paid for sale of property , they would be paying their own share individually though as far as I understand they can not get any rebate on buying a property as the entire thing was on my Dad’s name and he is entitled to pay the tax.  

Please let me know  if

1. They get a rebate on buying a property with the amount distributed even if the sale deed was on my dad’s name.

2. Can they pay their part of tax  themselves.(Like if my dad has paid them can that amount be deducted from my dad’s share for tax purposes)

I would really appreciate if someone can hhelp me on this.

Regards,

Profile photo of Neha Roy Asked By: Anonymous 3 replies 1 helpful answers Last Updated: 8 months, 1 week ago
  • Profile photo of Neha RoyAnonymous

    Hi All,IIt will be great if you can help me with the below question that I have. My grand father had a property on his name which was transferred on my dad’s name after my grandfather’s death. Recently we sold off the property and the amount was divided among my Father,Uncles and  Aunts equally.

    Now the question that I have is that my two uncles further invested this amount which they have in property and they are saying that the tax which has to be paid for sale of property , they would be paying their own share individually though as far as I understand they can not get any rebate on buying a property as the entire thing was on my Dad’s name and he is entitled to pay the tax.  

    Please let me know  if

    1. They get a rebate on buying a property with the amount distributed even if the sale deed was on my dad’s name.

    2. Can they pay their part of tax  themselves.(Like if my dad has paid them can that amount be deducted from my dad’s share for tax purposes)

    I would really appreciate if someone can hhelp me on this.

    Regards,

  • Profile photo of Rimal AjmeraRimal Ajmera
    Moderator

    Thank you for your question. the property is on your dad’s name so ultimately your father needs to tax pay on this property. If you need any expert help then you can register your self at our website or you can provide your contact details so our advisor will give you call.

    • Profile photo of Neha RoyNeha
      Participant

      Thanks Rimal, I have now registered on your portal. Would be glad if I can speak to someone from your team.

  • Profile photo of Rimal AjmeraRimal Ajmera
    Moderator

    Thank you for your reply. Can you please provide me your PAN or registered email address so I can then after connect with you. or you can send me your details on rimal.ajmera@hrblock.in

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