A person named Mr. X has entered into JV with Mr. Y in the year 2012 and now they are selling the property, in the year 2018-19 whether Long Term Capital Gains arises for the same...
29 May 2018
Thanks for the reply Sir, The agreement was Mr. X is the owner of the land and he has contacted Mr. Y for Developing the land and convert the same in to a Residential Status, now Mr. Y has completed the same and ready to sell the same to Mr. Z. Now there is conflict arising between as who is liable to pay Tax on sale of property the parties and Mr. Y is saying that through Vatani Patra (Property Division Paper) he will not be liable for paying taxes under the head capital gains.
CAclubindia
