Short term capital gain
This query is : Resolved
JAYESHKUMAR J BHATT
(Querist)
27 July 2012
I have purchased un partitioned property with land from my brother (he received this property by will in 2004) in octo-2010 for Rs. 4.95 Lacs (one half share)...The we both made Five plots on this land and sold one of the plot at Rs. 12.00 lacs... in sept. 2011.
Please advice whether I am liable to pay short term capital gain or not ? Should we two brothers form HUF and treat this as HUF property and pay for Long term capital gain ?
Please advice whether I am liable to pay short term capital gain or not ? Should we two brothers form HUF and treat this as HUF property and pay for Long term capital gain ?
Amol S Joglekar
(Expert)
27 July 2012
Treating it as HUF is bit difficult. It needs to pass through 2 generations. But you can very well show it as business transaction as you have done the plotting.
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
- Query on effect of registration of property
- GST on reimbursement of expenses
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
