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Can we get tax exemption on ancestral property?- Property Hotline
Posted
December 22, 2016
Views
444
Likes
5
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1.13%
December 22, 2016
444
5
1.13%
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1:57Now PlayingExpert: Suresh Surana, Founder, RSM Astute Consulting.
Question: I have a property in Pune. It is an ancestral property. I have entered into a joint venture with a builder to make flats on the property. What are the capital gains implications? Will CG be applicable to me when I enter into the joint venture with the builder or when I give possession the flats to consumers or when I enter JV agreement?
Answer: Ancestral property is a capital asset. Capital gains will arise on conversion of the property into stock in trade. Capital gain will be equal to Fair market value minus cost to the previous owner. Business income would arise on sale of flats to consumers. Value on the date of conversion will be taken as the cost.
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