Tax treatment in case of co-owned property
This query is : Open
10 March 2016
A & B purchased a land in joint name. They built an apartment over the land and sold flats.
What is the income tax treatment while selling the flats??
What is the income tax treatment while selling the flats??
10 March 2016
Dear
Do they form a partnership or aop.
It prima facie looks as a business transaction.
But if you does not have supporting to prove it as a business nature then taxable under head capital gain in hands if both the persons.
Do they form a partnership or aop.
It prima facie looks as a business transaction.
But if you does not have supporting to prove it as a business nature then taxable under head capital gain in hands if both the persons.
11 March 2016
They have neither formed partnership nor AOP. They have simply bought the land in their joint name and were seller in joint name while selling the flats. It could be proved as business transaction.
Please guide whether we have to split turnover equally in their hands or anything else?
Please guide whether we have to split turnover equally in their hands or anything else?
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