Capital gain inthe hands of aop

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Rohit choudhary (Querist)
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03 March 2014 Suppose 3 brothers inherted a property (Land) from their Father. he said land is handover to Land Developer under tripatriate model in consideration of the 55% of the Property developed by the builder.The moment they transfer the land, Capital Gain arise.
1. Whether the Capital Gain is taxable in their hand as AOP ?
2. How the Capital Gain Tax can be reduced in such case.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 March 2014 They have NOT formed an AOP. It is taxable in their individual hands. The respective share will be taxable in their hands.

Rohit choudhary

Rohit choudhary (Querist)
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04 March 2014 Thanks for your suggestion.
Please tell me the consequences if there is no indication of their sharing ratio.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 March 2014 It will be treated as equal share in the property.

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Capital gain inthe hands of aop

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