Tax implications on landlord or tenant

Save Share

This query is : Resolved

Quick Summary

This discussion explores the capital gains tax implications for a landlord and tenant when land, leased from 2010 to 2030, was sold in 2024. The land was leased to a tenant who constructed a building in 2015. The key takeaway is that the landlord has no tax liability, while the tenant is responsible for paying long-term capital gains tax on this transaction.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
Follow

30 September 2024 Sir,
A landlord owns land leased to another person ( tenant) from 2010 to 2030 leased period after tenant leased land construction building year 2015 and landlord leased land along with construction building sold to another person year 2024.if tenant leased period 6 years due
Question:
Above mentioned leased and sold transaction capital gains implications of landlord and tenant applicable