CAPITAL GAIN ISSUE
This query is : Resolved
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TARIQUE RIZVI
(Querist)
24 February 2020
SOME HAS GOT NET AMOUNT OF RS 21 LACS ON ACCOUNT OF SALE OF FLATS AS AGAINST WHICH NO EXPENSE CAN BE CLAIMED. SIMULTANEOUSLY OUT OF 21 LACS THERE ARE SEVEN PARTNERS EACH DRAWING A SHARE OF RS 3 LACS. Now the question arises whether each 3 lacs is shall be taxable or not ?
Amol S Joglekar
(Expert)
25 February 2020
you need to work out the capital gain. Also check if indexation is available.
Eswar Reddy S
(Expert)
29 February 2020
Check whether it is short term or long term capital gain
25 May 2020
Income Tax is levied on Capital Gain for respective beneficiary.
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