Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Cost of acquation

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 HI FRIENDS,
i have purchases a house property in the name of huf in last 07 year . Rs. 50 LAC. AND TODAY I WANT TO SELL THE PROPERTY RS. 2 CR. AND I HAVE VALVED THE PROPERTY AS ON 31 MARCH 2013 RS. 1.5 CR. SO PLS ADVICE ME ABOUT TAXATION AND LTCG OR STCG. AND TAXABLE AMOUNT

AND I WANT TO PURCHASES NEW PROPERTY IN THE NAME OF INDIVIDUAL ONLY .

PLS SUGGST.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

07 August 2013 1. The year of purchase is not clear from your query. Is it 2007?

2. Asset which is held for less than 36 months is a short term capital asset and held for more than 36 months is long term capital asset.

3. The new property has to be purchased in the name of the assessee who sold the property. Accordingly the new property will have to be purchased in the name of the HUF.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now