CGT on sale of settlement property

Dear Sir,
It is purely a question related to financial matter and payment of taxes. Better go to the office of Auditor or Chartered Accountant who are well acquainted with the relevant acts and circulars and may guide you effectively.

Dear Client,
As stated in the query, you made a settlement deed in favour of your wife in 2023 who entered into a joint venture(JV) with Builder which is typically considered as the sale of immovable property for the construction of the multistoried building that yields capital gains earned from commercial activities. An immovable property held for less than 24 months is considered Short-Term and property held for short term shall continue to attract tax at slab rates. If total taxable income (excluding short-term capital gains) stays within Rs.2,50,000 for resident individuals below 60 years, HUF, and NRI, then unutilized exemption can be adjusted against short-term capital gain. Short-term capital gains (STCG) are taxable regardless of the amount of gain. Unlike long-term capital gains (LTCG), which have an exemption limit of Rs 1.25 lakh per year, there is no exemption limit for STCG. Income Tax is a branch of law or legislation, that eventually comes under the arena of Chartered Accountants and Tax Consultants who have expertise and in-depth knowledge on the subject and may guide you properly to navigate the issue in the right way.