[aaykarbhavan] OPINION in matter of immovable property

Dear Learned Members

I seek your valuable opinion on a :-

A maternal uncle has gifted to his nephew (out of sale proceeds of residential land ) land for his business in real estates, the value of transactions over a period of 2-3 years totals to Rs 35 lacs, every year the vale not exceeding Rs 18 Lacs......

1. whether any tax implications on the nephew?
2. all purchases by the nephew out of monies by his uncle is "agricultural land"
3. the land for sales is being held even now...;purchased in 01/2011, 07/2011, 08/2012, 12/2012 and 05/2013
4. the sale is held up for better rates
5. the uncle has breathed his last in 05/2013
6. in my opinion gift tax would also not be attracted
7. the maternal uncle has no children of his own
8. the "agri land" so purchased can it be treated as stocks? the intention behind the purchase was sale
9. will this treatment be treated as transfer?

Please also let me know if I am missing out on any aspect or any further information is required

Thanks in anticipation 

Have a great day

CA. Gautam RM Sabharwal

Chartered Accountant

---

G SABHARWAL & COMPANY

CHARTERED ACCOUNTANTS

143/2 Chander Nagar, Alambagh, Lucknow - 226005, INDIA

246 4606, 401 0040, 941 510 8029, 983 927 2225

gscafca@gmail.com, audits@aol.in

__._,_.___

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Your email settings: Individual Email|Traditional
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe

__,_._,___