Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

Capital gain - transfer of capital asset u/s 2(47) - gift of ...

Income Tax

May 9, 2023

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

View Source

 


 

You may also like:

  1. Foreign gifts received - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

  2. Gift from stranger - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

  3. Validity of Tribunal’s order - Genuineness of gift – Rarely one finds a poor man giving gifts to a rich and powerful, out of natural love and affection - HC

  4. Capital gain – transfer of property where title is not absolute and clear - section 2(47)(v) - the assessee is liable to pay the capital gain tax during the year under...

  5. Genuineness of gift - The gifts were found to have been made without any occasion or out of love and affection and it were rightly considered by the AO as not genuine - HC

  6. Validity of Gift of Dividend - The companies are competent to make and receive gifts and natural love and affection are not the necessary requirements - The amount of...

  7. Capital gain - compromise settlement for breach of contract - Transfer u/s 2(47) - the compensation received by the assessee arises out of the transfer of capital asset...

  8. Sale of hotel development rights - Capital gains - Section 45 read with section 47(v) - transfer of the capital assets from a wholly-owned subsidiary company to its...

  9. Capital gain - on entering into a JDA, there is a ‘transfer’ as per the provisions of section 2(47) of the Act and consequently capital gains is attracted.

  10. Capital gain on JDA - Transfer u/s 2(47) - There was no transfer of property under this JDA. Also without accrual of construction to the assessee, assessee was not...

 

Quick Updates:Latest Updates