Question ID : 44772

228923

Dear All, I have a Query, One of my client has converted his agriculture land in to Non Agriculture land and has made 30 plots in year 2021, and he has sold 2 plots in FY 2021-22 and 2 plots in FY 2022-23, during the FY 2023-24 he has executed a partition deed among his family members(3 sons) and has given 9 plots to his 3 sons in the partition deed. 1. Now my query is do i have to show these 9 plots in my sale consideration and pay tax on it or should i say i have gifted those plots to my family and debit my capital account and pay no tax. 2. Can Stock in trade be gifted/partitioned among family members and what would be the tax implications on it ?? Kindly request to post your reply as early as possible.

posted by SHAILESH KUMAR on Jan 4 2025 12:00AM