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2004 (4) TMI 8 - HC - Income TaxCapital gains tax - Income-tax Act vis-à-vis Gift-tax Act - whether the membership of the stock exchange is a property and on its transfer whether capital gains tax is attracted. The controversy has also been raised whether the value of the property should be taken at Rs. 10,00,000. - Whether the learned Income-tax Appellate Tribunal was justified in upholding that the consideration received by the appellant on account of nomination of another person in his place in respect of membership of stock exchange when the right of such nomination is not a capital asset, is chargeable as capital gains under section 45 – we see no infirmity in the order of the Tribunal so far as the direction given by the Tribunal that the value of the transaction should be taken at Rs. 10,00,000 and when the assessee has shown the consideration at Rs. 6,00,000, the balance amount, i.e., Rs. 4,00,000 attracts the gift-tax - held that once the difference between Rs. 10,00,000 and Rs. 6,00,000 are taxed under the provisions of the Gift-tax Act taking the difference as deemed gift, that amount cannot be taxed again in the Income-tax Act
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