Co owner, Section 26 of IT act
This query is : Resolved
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
When nothing specified in the original deed or gift deed, it will be considered equal i.e. 50:50.
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...
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20 February 2023
Not big deal, anyhow for LTCG circle rate of the plot as on 01.04.2001 would be more helpful.
20 February 2023
Thank you sir for explanation...really very helpful
20 February 2023
My Pleasure.
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....
22 February 2023
It is considered as equally owned by both INDIVIDUALS.
Not as AOP, because PAN of AOP required in agreement !!
Not as AOP, because PAN of AOP required in agreement !!
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