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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- ITR 4 and Bank transactions
- LIC maturity claim whether taxable
- GST Rate for Catering Services
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
