Topic: tax calculation for sale of ancestral property

we have a ancestrial property, nearly 60 years old. We are proposing to sell the same. and we might receive around 1 cr from the same. However we are 5 brothers and the received amount will be then equally shared amongst all.
I need to understand the complete working of tax calculation on the same.
Will this sale proceeding attracts any long term capital gains?
How much would be the tax for such deals?
Is the tax to be paid on total received amount or can individual brother pay his own tax?
What is the index value of such property?
Where to invest such amount and how would i get the tax rebate?

Hi,

i am sunithasharma

sale proceeding attracts any long term capital gains?
How much would be the tax for such deals?
Is the tax to be paid on total received amount or can individual brother pay his own tax?
What is the index value of such property?

regards,

phe9oxis,

http://www.guidebuddha.com

darshanss wrote:we have a ancestrial property, nearly 60 years old. We are proposing to sell the same. and we might receive around 1 cr from the same. However we are 5 brothers and the received amount will be then equally shared amongst all.
I need to understand the complete working of tax calculation on the same.
Will this sale proceeding attracts any long term capital gains?
How much would be the tax for such deals?
Is the tax to be paid on total received amount or can individual brother pay his own tax?
What is the index value of such property?
Where to invest such amount and how would i get the tax rebate?

darshanss wrote:we have a ancestrial property, nearly 60 years old. We are proposing to sell the same. and we might receive around 15lakhs from the same.
I need to understand the complete working of tax calculation on the same.
Will this sale proceeding attracts any long term capital gains?
How much would be the tax for such deals?
Is the tax to be paid on total received amount me only payin own tax?
What is the index value of such property?
Where to invest such amount and how would i get the tax rebate?

How to calculate capital gain tax on sale of ancestral property

What is the tax liability on income received by a daughter
on the sale of father's property( only part of share received)

we are two brothers and two sisterst is their and tax liability , when my fathers ancestral property sold during the a.y.2011-2012

Anonymous wrote:

darshanss wrote:we have a ancestrial property, nearly 60 years old. We are proposing to sell the same. and we might receive around 1 cr from the same. However we are 5 brothers and the received amount will be then equally shared amongst all.
I need to understand the complete working of tax calculation on the same.
Will this sale proceeding attracts any long term capital gains?
How much would be the tax for such deals?
Is the tax to be paid on total received amount or can individual brother pay his own tax?
What is the index value of such property?
Where to invest such amount and how would i get the tax rebate?

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