20 February 2023
Hello, my father's brother have gifted me his plot of land last year in which he is joint owner with my mother. How the percentage share of property will be considered here. Since the property was bought in year 1996, in cash from the money of agriculture produce and nothing mentioned in the deed about share. So can it be considered as 50:50 or how we can calculate it for LTCG. Please help here..
20 February 2023
Thank you sir. Also is it ok that the amount was paid in complete cash back in 1996 for purchase of plot as we were dependent on agriculture only and all money we get is in cash at that time...
21 February 2023
Sir..just one thought came to mind please please help here as well....since percentage share is not defined could IT dept. can consider it as AOP as well for taxation purpose....or me and my mother both will be considered individual here....
CAclubindia
