My assessee had sold land & sale deed is done in the name of assessee, her spouce & childerens now my question is that whether the CG taxable in the hands of assessee only or in the hands of entire family?
1 Replies
Mayank
(Sr.Accountant)
(152 Points)
Replied 21 May 2011
Hi Ganesh
If this is an agricultural land than there is no capital gain arises because this not a capital asset so there is not libility of taxation.
But if this is not an agricultural land than capital gain will be computed & will be taxable in the hands of the owner of the land.
now question is this property is in the name of family or in the name of individual owner?
If whole family is the owner of the land than capital gain will be charged in the holding ratio other wise the owner will be charged for the same.
it will not make any difference whether sale deed is in the name of owner or in the name of family
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