Answers On Topic: Co owners
1] c0-legal heirs offered rent income as AOP for years 2] can LTCG be later taxed in individual hands of legal heirs since buyer reuses to buy property from AOP?
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THREE CO-OWNERS PURCHASED A PLOT OF LAND IN 2012 AND IT WAS SOLD IN 2017. ALL OF THEM DECLARED THE INCOME IN THEIR RETURNS WHICH WERE ACCEPTED U/S 143 (1) . NOW IN ONE CASE , THE ASSESSMENT IS REOPENED U/S 148 AND COST IS DISALLOWED AS PURCHASE DOCUMENT WAS NOT REGISTERED. IS THIS CORRECT ? PLEASE CITE CASE LAW, IF ANY BECAUSE IN OTHER 2 CASES ASSESSMENT HAS NOT BEEN REOPENED.
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legal heirs vs aop