Suggestion
This query is : Resolved
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 ?
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 ?
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.
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.
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
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Cash gift by grand mother to her grand daughter
- 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
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
