TMI BlogCapital gain - transfer of capital asset u/s 2(47) - gift of property by the assessee to his sister out...Capital gain - transfer of capital asset u/s 2(47) - gift of property by the assessee to his sister out of natural love and affection - Clause (iii) of section 47 of the Act exempts from the operation of section 45 all transfers under a gift or will or an irrevocable trust. Therefore, the transaction of gift under consideration is not to be regarded as transfer for the purposes of section 45. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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