I am doing finance business i like to file income tax butr i have one problem last year i have sold a land to one trust but the land does not belong to me i have only power and while sold the land i have got the amount and paid to party who give power to me (i.e. I give loan to him he does not pay the interest and i got power on his loan and sold the land to trust they gave cheque in my name and i pay the balance amount to the peroson who give power from by bank account through cash withdraw ) i want to know i want to show land sale and profit on sale of land in my income tax return or not
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Land of sale having only power
Replies (2)
No need to show capital gain on sale of power of attorney land.
Power of Attorney Holder cannot be assessed for Capital Gain
Power of attorney is not an instrument of transfer in regard to any right, title or interest in any immovable property. The power of attorney is a creation of an agency whereby the grantor authorizes the grantee to do acts specified therein, on behalf of grantor, which when executed will be binding on the grantor as if done and by him.
Power of Attorney Holder cannot be assessed for Capital Gain
Power of attorney is not an instrument of transfer in regard to any right, title or interest in any immovable property. The power of attorney is a creation of an agency whereby the grantor authorizes the grantee to do acts specified therein, on behalf of grantor, which when executed will be binding on the grantor as if done and by him.
good clarification and information
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