Clarification on payment of capita gains on sale of property

My grandfather has three children's (x, Y, z) .. He bought a property in one of the child's name (child x) however allowed child Y to stay in that with his family.. In his last will he mentioned that the proceeds of this flat shoukd be given to child Y who is currently staying with his family and died. Child X sold the property and gave all proceeds to child Y as per the will. After getting the proceeds child Y purchased a property in his own name.. Now child X has received a notice to pay capita gains on the sale of property Is there a way to show government that a property is being bought if yes how and if not then how much % of tax is payable and by whom?

Answers (1)

128 votes

Yes this case comes under income tax act

By which method you have paid the amount to your brother? Since of many years you were owner of property ? As per the guidelines of it act you don't have to pay a captil gain tax for that your problem should be comes under such criteria

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