Housing soc sold land and paid capital gain tax. soc then distributed money to members whether it is tax free in hand of members
M B BARVE (CWC MEMBER) 12 August 2017
Housing soc sold land and paid capital gain tax. soc then distributed money to members whether it is tax free in hand of members
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 13 August 2017
Capital gain tax is applicable. Gains from Capital Assets are called Capital Gains – these may be Long Term or Short Term Capital Gains depending upon the holding period. Usually, assets held for 36 months or less are termed short term capital assets and gain on their sale is short term capital gain. There are a few exceptions here – some assets are considered short term when held for 12 months or less. Assets sold after 36 months are called Long Term Capital Assets. For example – Land held for more than 3 years is termed as long term capital asset, Equity Funds are considered short term when held for 12 months or less, whereas Debt Funds are long term assets when held for more than 36 months .Therefore, its important to find out the specific holding period applicable to your asset, since it impacts how the capital gains will be calculated.
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