It on sale of resident plot.
This query is : Resolved
24 September 2012
Respected Sir,
I have purchased resident plot on dtd. 17-7-2007 in partnership.In this partnership my mother's share is 50% and we invest Rs 60000/-.
On dtd. 4-2-2010 we purchased rest of 50% share at Rs 260000/-.
Now if we sale this plot in Rs 1000000/-what should be the Income Tax ?
Whether it should be under STCG or LTCG.
My mob no-9427681909
I have purchased resident plot on dtd. 17-7-2007 in partnership.In this partnership my mother's share is 50% and we invest Rs 60000/-.
On dtd. 4-2-2010 we purchased rest of 50% share at Rs 260000/-.
Now if we sale this plot in Rs 1000000/-what should be the Income Tax ?
Whether it should be under STCG or LTCG.
My mob no-9427681909
24 September 2012
period of holding being less than 36 months, it will be short term capital gain
24 September 2012
the share purchased on 4/2/2010 is short term and the earlier one is long term
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