Taxability of persons having joint property
This query is : Resolved
mohankumar
(Querist)
16 August 2010
2 persons purchased a land with 60:40 Share.
But they didn't specify the area.
On sale of a portion of the above land, whether it is taxable in the hands of individual for their share or in the hands of AOP?
It will be LTCG. So is there any exemption?
But they didn't specify the area.
On sale of a portion of the above land, whether it is taxable in the hands of individual for their share or in the hands of AOP?
It will be LTCG. So is there any exemption?
Aditya Maheshwari
(Expert)
16 August 2010
Proportianately taxable in the ratio 60:40 in the hands of the individual.
mohankumar
(Querist)
17 August 2010
Please quote case laws, if any, in this regard.
Aditya Maheshwari
(Expert)
17 August 2010
No case law only common sense.
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