Capital Gain

Save Share

This query is : Resolved

Ashish Ranpara (Querist)

19 March 2008 Dear Sir,

Can a person transfer it's Property not fully but part of property after a long time about to 35 to 40 years is liable to capital gain ?

if there is a four partner of property than How will capital gain calculated?

is there any provision for regarding exemption of such capital gain?

The Property is in the nature of Office Building and Transfer is Selling of This Building

pls. give me advise and my emil id is aranpara_ca@yahoo.co.in

Hope your reply

Thanks

Late CA Sampat Jain

Late CA Sampat Jain (Expert)

19 March 2008 THE SHARES OF THE PARTNERS ARE SPECIFICALLY DEFINED OR THEY ARE CO-OWNERS??

R.V.RAO

R.V.RAO (Expert)

19 March 2008 IT DOES NOT MATTER WHETHER A PERIOD OF 30 OR 40 YEARS FOR CAPITAL GAINS TO BE TAXED.

BUT THE BASE YEAR OF 1981 = 100 APPLIES.

IF THE SHARES IN THE PROPERTY ARE SPECIFIC AND DIVISIBLE ,THE ANSWER IS YES THAT PARTNERS CAN SHARE THE TAXABLE GAINS IN THEIR RESPECTIVE SHARES.
THERE IS NO BASIS OF EXEMPTING A CAPITAL GAIN EITHER AFTER A LONG PERIOD OF 3 DECADES OR DUE TO DIVISION OF SHARES AMONG PARTNERS.
R.V.RAO

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now