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What will be the remedy in such
had a client who has sold out the the flat alloted to her. A land was purchased by 3 Brothers.in 1964 jointly.Such Land was got partition in 06-07 among such brothers.in 1989 One of the brother has been died.The property belonging to such Brother has been divided among their legal hier & divided into 7 parts among its spouse, sons& daughter.all the person to whom land was transferred as per will mutually decided to give such land to the PROMOTER.the promoters will allot flat in respect of such LAND.In 2012 Spouse of will owner expired & again the share of mother has been distributed to 6 of its sons & daughter.Flat was alloted to them in DEC2015. One of the daughter to whom flat was alloted against land from promoter has sold such land in march2016. What is the implication of tax unfer income tax act..What is the remedy to avoid tax..How i can protect my client from such.
Replies (5)
When was the completion certificate obtained by builder?
in December 2015
What was the treatment of transfer at the time of agreement of development? In nutshell, it seems to be case of LTCG of inherited property, and as such exemption u/s. 54, 54EC etc. can reduce tax liability.
WHAT ABOUT STCG..
Is March 2016 & Dec 2015, different year? Once again let me tell you, the case is to be studied in light of tax treatment at the time of development agreement. As per data provided, no STCG.
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