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Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2010 I have Purchased a Land & Consturcted as 1st Floor as Residential part (5)& Ground Floor as Shop (12).
Now I want to know that How to treat that Property ?
Construction has been finished Now its time to Booked the Property and sale all of them.
My que. is I am also a proprietor of a firm and doing Jwellery business in a shop. that property was in our four brothers named including me.

what to do with that property ? to take advantage to save tax..
or what kind of tax structure we are in it ?

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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07 November 2010 I understand that you are an individual proprietor doing jewellery business & also have a joint property along with your brothers.
If you are willing to sell the property either residential parts or shops, it would result in Capital gains (Whether long term or short term,depends on holding period)
Alternatively if you are letting it out for rent, then it results in "Income from House property".
In both the case, you are liabile only to the extent of your share.
IF THE SHARES IN THE PROPERTY ARE NOT KNOWN & DIVISABLE, THEN IS SHALL BE ASSESSED AS A.O.P.

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