Ashish

My father willed his apartment to seven benficiaries in all. The flat is sold and obviously we are liable to pay capital gains tax.

However, i have the following questions;

1. Is each of the beneficiary liable to his/her portion of the capital gains or will it be assessed to tax jointly;

2. From which date is the indexation applicable - is it from the date from when our father acquired it or from when it was willed to his children;

3. If i already own a residential house, can i reinvest the proceeds in another residential property and save capital gains tax; If the answer is yes, can you please provide the section under which exemption can be claimed and whether the capital gains need to be invested or the entire proceeds.

Would appreciate if someone can give me an accurate answer.

Thanks

Ashish

I live in the UAE and intend to take back an LCD screen for my family back home in India. The cost of the TV in the UAE should be approximately US $ 1000 (INR 40K). Can anyone please explain to me the customs duty that i might have to pay in India.

Do NRI's have to pay customs duty for goods required for their family use;

If yes, what is how much is the duty for LCD screen TV's; and

How much is the basic limit (on which no customs duty is payable) for taking back electronics to India.

Would appreciate if someone can give me early and accurate response.

Thanks

Ashish