An Assessee had a property which was used for business purpose (medical) till 31.3.2007. After that Assessee transferred that property from Properietorship to Individual. He claimed deprication till the year 2007 and could not claim it thereof as he didnt use the property after 2007. He rented the property from 2007 and now he wants to sell it to an individual.. The property is purchased in 1998 and he intends to sale the property and the amount he receives wants to invest in house property .
WHAT WILL THE TAX IMPLICATION FOR THE ASSESSEE??
IS THE TRANSFER OF PROPERTY IN THE YEAR2007 VALID? THE GAIN ARISING THEREOFF WILL BE LONG TERM/ SHORT TERM??
WILL HE GET ANY BENEFIT FOR THE INVESTMENT IN FUTURE?
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