An assessee has interited plot from her deceased husband which was purchased in 1980. It was given to development in 2017 for 10flats for which assessee was given 4 flats in the dec2021.She want to sell a flat to a buyer in sept 2023. Whether LTCG or STCG will be applicable for the flat sale.?
Thanking you
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LTCG or STCG?
Replies (7)
Quick Summary
Whether any LTCG declared in AY 2022-23 over the transfer of land?
What is the difference between commutation of pension and a loan? both cases we pay principal and interest
Commutation of Pension means payment of lump sum amount in lieu of a portion of pension surrendered voluntarily by the pensioner based on a duration of period in relation to the age. This is purely an optional facility provided by the Government to the pensioner.
Here pensioner receives a portion of pension amount in lump sum.
While LOAN is money lent at interest.
They have not declared any LTCG sir !
Need to file Updated return for the declaration of LTCG over land.
The capital gain over the flat will be Short term if sold before Dec. 2023.
But no sale consideration received from the builder for the development... then what will be the sale proceeds sir ?
Transaction would deemed to be taken at market value.
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