capital gain tax

This query is : Open

umair (Querist)
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02 September 2009 my family owns some land and to save tax they decided to make a pvt ltd company and buy the land and issue shares to the family members accordingly ,now we want to divide the land ,we do not want to sell it ,every member needs posession of the land we bought it for 150 rupee /sqft and now its 750 rupee /sqft . now my question is how can we divide it so tat i can get the posession of land

Thank you

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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02 September 2009 if the HUF owns the land and if possible otherwise you may go for total partition of HUF

umair

umair (Querist)
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02 September 2009 sir ,its not a HUF actually while buying we bought as a family and the shares were issued to the partners accordingly but no partner can use his land because there is no physical partition just the shares have been alloted according to some ratio now i want my share of land for my use but since there is no physical partition i cant get my land is there any way out

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CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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03 September 2009 Yes u can take your share from other member and give no objection certificate or power of attorney in the name of that member whom u sell ur share of land.

umair

umair (Querist)
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03 September 2009 i dont want to sell my shares i want physical division so that i can use my land