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Anonymous

Posted 1 year ago

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

A. Dear Client,
You need to have a look to the following:
Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.
If you sell property that is not your main home (including a second home) that you've held for at least a year, you must pay tax on any ...ReadMore
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Deepak Yashwantrao Bade
Deepak Yashwantrao Bade Experience: 9 Year(s) Nagpur
ARPIT  BATRA
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Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
I have a plot in Nagpur. It is a agricultural land and I have build shops & house on that Land. Since it is an ancestor property so there are 7 owners(Brothers & sisters) and each owner has 1000 sqft area. Now, the problem is we have verbally agreed to divide the land in 7 equal parts however, few of the owners are not ready to document this in stamp paper. 1) Can you let me know what is the process & documents required to file the tax on this land ? 2) Can i file tax only on plot i.e 1000 sqft aread ? 3)What are the consequence if the tax is not paid and for building shops & house on agriculture land ?

A. Dear client better to act quickly before the authorities take action under the relevant section of the Act.
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Rajender  Prasad
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Ambrose  Leo
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