Hello Mr. Vivek, I am retired from private service and now doing technical consultancy, earning some monthly amount which is coming below taxable income. My father built a house on a plot, which was on my name about 30 year back at Chandigarh. The plot was on lease for 30 years and not a free hold.
Now we like to sell it off. I have one younger brother and I have share 50% of sell amount with him. Can the tax liability on capital gain, which may be on me, be share with him or not. Please advise.
Thanks in advance.
R. Lal
Ans: Hello, yes the liability of tax can be shared by both. If the income is coming in your account, you can pay the entire amount of tax and then split the remaining with your brother.