Tax on property sold

This query is : Resolved

Bhavdip (Querist)
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26 December 2014 One property originally purchased by two co-owner A & B in 25/05/2005 by paid Rs.75,000/- individually. On 10/05/2011 A sold his part of property to B for consideration of Rs.21,000/- only. B paid Rs.1060 for stamp duty and Rs.210 for registration fees. On 17/02/2014 he sold whole property for consideration of Rs.1,00,000 only.

1) How it should be taxed in A.Y. 2014/15?
2) Whether the whole Asset is long term or short term?
3) Kindly suggest how to calculate capital gain/loss.

Rupesh Jain

Rupesh Jain (Expert)
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26 December 2014 it is loss on sale of property

25.5.2005 pruchse will be long term loss
and 10.5.2011 will be short term loss
on first you can take the indexation benefit and on second it is not available.

Bhavdip

Bhavdip (Querist)
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26 December 2014 Sir, but this is one property which had two co-owner.