3 Replies to “Any tax if a property is sold and money received is distributed among our own sons and daughters?”

  1. your aunt is liable for income tax under the head income from capital gains, there are two types of capital gain long term capital gain (taxable @ 20%) and short term capital gain (taxable 30%), to determine long term or short term just check the period between sell and buy, if its more than 3 years then long term capital gain.
    another issue of distribution, it does not attract any tax liability since money is going to be received from relative..

    Its my humble request to those persons who reply ignorance of correct provisions like someone said gift tax, actualy gift tax is abolished since 2006, so there is no gift tax now.

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