Capital gain

SUBHASH SHARMA (Querist) 14 November 2015 This query is : Resolved
A HAS EXECUTED A GPA TO B AGAINST A RESIDENTIAL PROPERTY IN 2014.

B HAS SOLD THE RES PROPERTY TO C IN 2015 AND EXECUTED THE SALE DEED.

MY QUESTION IS :-

ON EXECUTION OF GPA A TO B , A IS LIABLE TO PAY CAPITAL GAIN OR NOT.

ON EXECUTION OF SALE DEED BY B TO C , WHO HAS IS LIABLE TO PAY CAPITAL GAIN A OR B, SINCE B WAS GPA HOLDER OF A IN THIS CASE.

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Anirudh (Expert) 14 November 2015
B might have executed the Sale Deed in favour of C on behalf of A using the GPA that he had from A.

Please confirm.

If that is so, then A alone is liable for Capital Gains Tax as B was only selling the property on behalf of A on the basis of GPA given to him.

Guest (Expert) 14 November 2015
Better You Could Discuss it with CA Club of this Same Forum For a Professional Reply from Practising Chartered Accountants Please.

Rajendra K Goyal (Expert) 15 November 2015
Property belonged to A, he is liable to pay capital gains tax till any agreement to the contrary.

R.K Nanda (Expert) 15 November 2015
consult tax lawyer.

P. Venu (Expert) 15 November 2015
The GPA is just an agent; it is A who is liable for the transaction.

T. Kalaiselvan, Advocate (Expert) 21 November 2015
The property owner who received the sale proceeds will be liable to pay the respective taxes applicable.

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