Question ID :
Long Term Capital Gains
Long Term Capital Gain
Please Clarify the following Issue:-
An Assessee had inherited a property based on the “WILL” left by his mother. In the will executed by his mother. She had stated that property should go to him and after his life time it should go to his Son. During the year the assessee had disposed the property.
The Sale Deed has been executed by the assessee’s son also due to the Buyer’s insistance as a matter of abundant caution. Both the Assessee and his Son had received 50% share of proceeds realised.
1) In this context whether the Long Term Capital Gain has arisen to the assessee’s son also. Since he has executed the Sale Deed even though No Right to the Property which was inherited by his father out of Will.
2) Whether the entire proceeds should be offered in ths hands of the Assessee alone who has got Absolute Right to the property inherited.
3) Since the assessee’s son Name has been included in the Sale Deed due to abundant caution of the Buyer of the property, whether to be ignored while working out the Long Term Capital Gains?
Oct 22 2019 12:00AM