Case: an individual bought a vacant land ( not completely registered it in his name, instead bought it using 'power of attorney'). Then he sells his property and obtains some gain.
Now my doubt is, since he has only power of attorney rights,
1)whether this sales comes under his name or original previous owner?
2)Who is liable to pay tax?
3) plz kindly advice how should we account this to the above individual?
Earliest reply would be greatly appreciated...thanks in advance.
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Capital gains -doubt
Replies (5)
Generally person who receives payment is liable for the tax payment.
Also depends upon the agreement clause. ITD will send notices to both.
Thank you Rambhia ji....In the above case, an individual who is having power of attorney rights sells and receives the payment...then shall we account this in his capital gains? or any other idea....? Plz kindly advice...
If he has got capital gain (i.e retained it), he is liable for the CG tax.
No other option.
Thanks for your timely advice Sir...
Most Welcome...
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