06 August 2008
that as per will deed of my father the ancestral house is shared between all 5 brothers equally. that the said property was registered in our favour through gift deed in 1998. that in 2006 we constructed commercial and residential complex and i sold my share of flat in 2008. whether i am liable to short term capital gain or long term capital gain. how to computer the same.
07 August 2008
Long term capital gain to the extent relates to land, being inherited. To the extent it relates to builging it is short term capital gain.
08 August 2008
does it make difference, if agreemnent with builder entered in 2002, possession was given on 2005 and property sold in 2007.whether it is short term or long term.
CAclubindia
