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2015 (8) TMI 1021 - AT - Income TaxRelinquishment of the share of assessee in the property comprising of land in favour of sisters who is co-owner - whether was a transfer within the meaning of section 2(47) and capital gain accruing on such transfer was exigible to capital gains tax u/s. 45 ? - Held that:- The assessee transferred her share of right title and interest over the property in favour of other co-owners of the property. This was clearly a transfer. If the assessee had sold her share of property to third party, it would have certainly been exigible to capital gains tax. The fact that the transferee is another co-sharer of the property will not make any difference. We are therefore of the view that in the facts and circumstances of the present case, there was a transfer of capital asset and therefore capital gain on such transfer was rightly brought to tax by the revenue authorities. We do not find any grounds to interfere with the order of CIT(Appeals). - Decided against assessee.
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