24 July 2014
I've purchased a property and sold immediately. but property papers were not in my name. So, the difference amount (Recd. amount - Paid amount) shall levy for tax. and what nature of income would be there.
26 July 2014
and hiding the amount wont give him any trouble?
naveen, for income-tax purposes, the legal title is not relevant. If you had the possession of the property in your hand, then the gains made shall be taxed as short term capital gains.
even if you didnt even receive the possession and just sold the property, it would still account for sale relinquishment of right to property and shall again be accounted for as short term capital gains.
One of my house which was self-occupied and it was equal shared in my name and my wife. actually when i sold that property then whole TDS is deducted and deposited into my PAN. Also there was Loan against property. Can we both claim interest amount. And what about principle amount paid for loan.
CAclubindia
