Sale of joint property
This query is : Resolved
04 October 2013
two friends purchased a plot in joint name, release the consideration from their separate bank accounts, then construct and sold and took the consideratio in separate names. pls advice the tcapability either in the status of Individual or in the status of AOP.
04 October 2013
It depends on nature of the agreement between them, if they invested it as business purpose then AOP in case if they invested as capital gain purpose then it is individual.
To say AOP required a name to the AOP firm, So if they have AOP business and the such plot is registered in the name of AOP firm then it is AOP otherwise if the plot is get registered in the names of the both then it is taxable in Individual.
OM SAI SRI SAI JAI JAI SAI
To say AOP required a name to the AOP firm, So if they have AOP business and the such plot is registered in the name of AOP firm then it is AOP otherwise if the plot is get registered in the names of the both then it is taxable in Individual.
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- GST Reverse
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Sale of Equity shares for Purchase of Residential Property
- RCM and FCM
- Two seprate Invoice needed
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
