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ltcg on sale of plot
I am going to execute power of attorney with with consideration and receive fullvalue of the plot and relinkus my title over the plot .Whether it will be considered as sale transaction.Will it attracts ltcg tax on me,in this financial year.
Replies (4)
Are you entering in development agreement or agreement to sell your property?
No,I want to sell ,he is aquering the possation of my plot, through power of attorney,and develop the same and sell it for his buyers.At the time of execution of P.A,i will get the value of my property.I have no interest on his development activities or his sale.
Ok. so LTCG will be taxable in your hand if you dont invest invest the same in tax savings schemes as per section
In case of POA transactions, there's no transfer of ownership. The POA holder is only the agent of the principal and not the actual owner.
So first you need to check the agreement regarding any taxability of capital gains.
So first you need to check the agreement regarding any taxability of capital gains.
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