Capital gain inthe hands of aop
This query is : Resolved
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.
1. Whether the Capital Gain is taxable in their hand as AOP ?
2. How the Capital Gain Tax can be reduced in such case.
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.
04 March 2014
Thanks for your suggestion.
Please tell me the consequences if there is no indication of their sharing ratio.
Please tell me the consequences if there is no indication of their sharing ratio.
04 March 2014
It will be treated as equal share in the property.
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