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Q. capital gain tax

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rahul sharma

posted 11 months ago

Q.capital gain tax
My father had purchased a property in 1970 which is in my name since last ten years. This year I demolished the house which was built on it at the time of purchase by my father and got a new plan passed by the municipal corporation and constructed new semi constructed building on it. Now I want to sell a part of it. Now my question is whether it will attract long term capital gain as my father had bought it in 1970 and it is in my name since last ten years or short term capital gain since I have constructed a new structure on it by demolishing the original structure and it has just been 11 months since i started the new construction Read Less

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 11 months ago

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A. ) Dear Client,
The best option for you would be to engage an Income Tax Lawyer or Chartered Accountant .
Basically I do not see any reason why should you pay additional or more tax.You pay what what is due on you. Remember it is not mantra. Everything is written in black and white.
Shanti Ranjan Behera, Advocate

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 11 months ago

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A. ) Dear client kindly go through any experience professional lawyer or with CA

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ARPIT BATRA

Experience: 11 Year(s)

Responded 11 months ago

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A. ) Kindly engage a local, experienced CA.

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Rajender Prasad

Experience: 5 Year(s)

Responded 11 months ago

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A. ) For details contact some family advocate like through vidhikarya.com

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 11 months ago

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A. ) Dear Sir,
Please contact the Chartered Accountant for exact opinion.

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