07 August 2013
HI FRIENDS, i have purchases a house property in the name of huf in last 07 year . Rs. 50 LAC. AND TODAY I WANT TO SELL THE PROPERTY RS. 2 CR. AND I HAVE VALVED THE PROPERTY AS ON 31 MARCH 2013 RS. 1.5 CR. SO PLS ADVICE ME ABOUT TAXATION AND LTCG OR STCG. AND TAXABLE AMOUNT
AND I WANT TO PURCHASES NEW PROPERTY IN THE NAME OF INDIVIDUAL ONLY .
07 August 2013
1. The year of purchase is not clear from your query. Is it 2007?
2. Asset which is held for less than 36 months is a short term capital asset and held for more than 36 months is long term capital asset.
3. The new property has to be purchased in the name of the assessee who sold the property. Accordingly the new property will have to be purchased in the name of the HUF.
CAclubindia
