Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2014
Mr.X sold the property to Mr. Y for Rs. 47 Lakhs on 28.06.2012 and Mr. was not interested to register the sale deed and instead Mr. X offered Mr. Y to relinquish and release all their rights, titles, share, claim, interest and ownership for a total consideration amount of Rs. 61 lakhs on 25/11/2013.
Kindly provide me whether capital gain is applicable and Whether Short Term or Long Term?
Kindly provide me whether capital gain is applicable and Whether Short Term or Long Term?
04 March 2014
1. Capital gain arises on TRANSFER of property.
TRANSFER is defined in Section 2(47) and includes the extinguishment of any rights therein.
Accordingly capital gain arises when rights in a property are relinquished.
2. Since the property has been held for less than 36 months, it is a short term capital asset and short term capital gain shall arise.
TRANSFER is defined in Section 2(47) and includes the extinguishment of any rights therein.
Accordingly capital gain arises when rights in a property are relinquished.
2. Since the property has been held for less than 36 months, it is a short term capital asset and short term capital gain shall arise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
