06 February 2016
Dear Sir, Suppose a person purshases a property in 8 lacs whose circle rate is 10 lacs. Whether the two lacs would be deemed as his capital gain? If yes then please enlighten me from when this provision has been enforced?
07 February 2016
In the hands of transferor the full value of consideration shall be Rs. 10 lakhs for the purpose of computation of capital gain. In the hands of transferee (non-relative) shall be deemed as gift to the extent of Rs. 200,000 and chargeable to tax u/s 56(2)(vii).
CAclubindia
