Cap. gain

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cvmashru (Querist)
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01 June 2012 Sir,

The "A" has purchased a plot of land and paid full amount before 10 years. The purchase of plot was made in three joint names. The first name is of "A" and other two names are of two family members.The cost of plot is appearing in Balance sheet of "A" . Now "A" wants to sale the plot.

My question is whether L.T.C.G. accrues to "A" or "A" and other two family memers.

The "A" wish to have 1/3 capital gain. Is it possible so ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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01 June 2012 Since the plot is in joint name the capital gain shall be shared jointly by the co-owners.

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