capital gain tax

5 years 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 Read Less

Previous Question

Next Question

Shanti Ranjan Behera

Responded 5 years ago

View All Answers

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

Helpful

Deepak Yashwantrao Bade

Responded 5 years ago

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

Helpful

ARPIT BATRA

Responded 5 years ago

A.Kindly engage a local, experienced CA.

Helpful

Rajender Prasad

Responded 5 years ago

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

Helpful

Kishan Dutt Kalaskar

Responded 5 years ago

View All Answers

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

Helpful

Read Related Answers

What should I opt Old Regime vs New Regime

Dear sir You have to consult service advocate or a person who is expert in such subject otherwise you may be mislead.

Exemption on interest education loan

Dear Client, Under Section 80E of the Income Tax Act, 1961, if an individual has taken an education loan and is repaying the same, then the interest paid on that loan is allowed as a deduction from hi...

Tax query

Dear Client, Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X...

Claiming Leave Travel Allowance while filing ITR

Dear Client, Without availing LTA if you claim its exemption in the ITR, it may be considered evasion of income tax once your ITR attracts scrutiny by the Income Tax Department and you may face legal...

Income tax notice Under sec148

Dear Client, Section 148 of the Income Tax Act, 1961 empowers the Income Tax Department to issue notices to reassess an individual's previously filed income tax returns if they suspect income has esca...

Read Blogs on Tax-Income Tax

Income Tax Act Explained

Income Tax Law: Essential Guide for Compliance

Formula One Racing Income Taxable in Inida

Tax-Income Tax Lawyers

Bangalore

Mumbai suburban

Chennai

Type of Consultation	Fees
Phone Consultation	₹	Not Yet Updated
Meeting Consultation	₹	Not Yet Updated
Email Consultation	₹	Not Yet Updated
Video Conference	₹	Not Yet Updated
Request for quotation from the Lawyer.