LTCG invoking the provisions of Section 50C - property ...

Income Tax

October 26, 2023

LTCG invoking the provisions of Section 50C - property transferred through Sale Deed claim as gift - The transaction has been held to be gift in the hands of the daughter, the transferee, and therefore it should be held so in the case of the assessee also is not tenable because in case of the daughter the consideration as per stamp duty valuation is not taxable as per proviso to section 56(2)(vii). However, the provisions of capital gains taxation and the income from other sources are independent of each other. The income in the hands of the daughter having been held to be exempt, does not absolve the assessee from the capital gain liability. - AT

View Source

← Previous Next →

LTCG invoking the provisions of Section 50C - property ...

Income Tax

October 26, 2023

You may also like:

Revision u/s 263 - Transfer of land by wife to her husband - Nature of transaction - Sale or Gift - It is the case of the assessee that sale deed is nothing but gift...

Recovery proceedings - Attachment orders - rights over the property - seeking transfer of property in favor of purchaser - In this case admittedly the transfer was on...

Capital gain on property gifted - Execution of sale deed instead of gift deed wrongly in favor of Daughter in law (DIL) - DIL has not paid the amount as mentioned in the...

Owner of suit property - joint ownership - legality and validity of the power of attorney and the sale deeds - the sale deeds will have to be held as void being executed...

Exemption u/s 54F - artificial transfer of one house by way of gift deed - colourable device to claim exemption - The assessee artificially created a gift deed of the...

LTCG - gift of immovable property to daughter - it is argued that, mistakenly instead of gift deed, sale deed was made - assessee failed prove that the same is exemption...

Attachment orders - The transfer of immovable property can only be, by way of a sale deed. In the absence of a deed of conveyance, duly stamped and registered, no right,...

Capital gain in respect of sale of only one property - addition u/s 50C - assessee itself had leasehold rights in the said property and hence in instant facts, the...

Capital gain - legal owner of property - entire funds at the time of purchase of property was paid by his son the entire sale consideration is also received by her son -...

Computation of capital gain - date of holding of property - registered sale deeds OR completion/occupation certificate of the properties - Merely because the occupation...

Unexplained cash credit - Gifts receipts from Mother - it would not be correct to conclude that the gift deed was an afterthought since the aforesaid transfers were made...

Unexplained investment u/s 69 - family transaction - assessee has submitted that the assessee’s husband was a power of attorney holder of the property and could not...

Deeming gift of immovable property - applicability of section 56(2)(vii) - gift of immovable property to appellant (done) prior to 1.10.2009 - Transfer Deed of lease...

Understatement of income - treatment of lease transactions as sales transaction - The Income Tax Authorities has not doubted the legal effect of the lease deed (being...

Nature of gain on sale of property - LTCG or STCG - Receipt of propter through Gift or POA - Since the gift deed falls under the documents which registration is...

Quick Updates: