Capital Gain

[SANDEEP GUPTA]

I seek your opinion on the following issue,
Mr. A execute & registered an agreement to sell in 2011 for buying a
plot from Mr. B, which was proposed to be allotted against his
acquisition of agricultural land by NOIDA. Simultaneously Mr. B also
given and registered GPA to Mr. C, who is Son of Mr. A, on same Day.
In Feb.2015 Noida issued an allotment letter with an instruction to
deposit development charges, in fevour of Mr. B for a plot . Mr. B
deposited the requisite amount with NOIDA and NOIDA execute a lease
deed in fevour of Mr. B in April2015. Possession certificate of the
plot was granted in Aug.2015.
In Aug.2015 Mr. A submit withdraw his agreement to sell, registered
in 2011 and has granted no objection and allow to GPA to sell plot to
anyone through an affidavit.
Later In the month Aug 2015 the plot is transferred to new buyer
through transfer deed. In transfer deed GPA appeared as transferor and
given his own PAN.
Sale proceeds of the plot is received in the name of Mr. A (Father of
GPA holder).
1% TDS has been deducted by Buyer of Mr. A .
Now queries are as under,
1) Who is the transferor of the asset.
2) What is holding period of the assets.
3) Who is liable to pay tax on capital Gain.
4) Is Capital gain could be treated as LTCG in any way.
5) Is PAN quoted by GPA is correct, if no how it can be rectified.
6) If Mr. A is not transferor, how to treat the amount received in the hand of Mr. A from Buyer.

Please guide me as earliest possible.

AI Summary

Capital Gains Query: Identity of Transferor, Asset Holding Period, Tax Liability, and PAN Usage in Property Sale A user seeks advice on a capital gains issue involving a property transaction. In 2011, Mr. A agreed to buy a plot from Mr. B, who also gave a General Power of Attorney (GPA) to Mr. C, Mr. A's son. In 2015, after Mr. B received an allotment letter and paid development charges, the plot was transferred to a new buyer with Mr. C as the transferor. The sale proceeds were received by Mr. A, with 1% TDS deducted. The user queries about the transferor's identity, asset holding period, tax liability, and correct PAN usage. Responses request clarification on the GPA and property details.