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Long term capial gains

ANIL KUMAR KHETAN (PROPRIETOR) (419 Points)

22 July 2021  
properly purchase by father in the name of minor son name since long. His brothers treated this property HUF property . After partion . share sales by one member . please calculation of long term capital gains in this regard .

 6 Replies

Sourav (Student) (23917 Points)
Replied 22 July 2021

Please elaborate in details

ANIL KUMAR KHETAN (PROPRIETOR) (419 Points)
Replied 22 July 2021

Property acquired before fy 2000-2001. Partition in the fy 2021-22. Please clarify the purpose of long term capital gains
1 Like

CA Rashmi Gandhi (Chartered Accountant) (59008 Points)
Replied 23 July 2021

If no consideration received in transfer of property, then same is considered as gift.

Gift received from relative is exempted, so no liability arise.

ANIL KUMAR KHETAN (PROPRIETOR) (419 Points)
Replied 23 July 2021

Also sales in fy 2021- 22 , please clarify the purpose of long term capital gains

CA Rashmi Gandhi (Chartered Accountant) (59008 Points)
Replied 23 July 2021

Clarify about the transaction taken place, so we can respond properly.

Sourav (Student) (23917 Points)
Replied 23 July 2021

It should be treated as LTCG

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