CA Raghavender (CHARTERED ACCOUNTANT) (305 Points)
09 July 2009
Hai!all
I hv doubt regarding transfer of land...
A and B are friends A purchase land register in the name of B and purchase consideration paid by A, later A sold that land and sale consideration took by A in this situation what is the tax tretment ?
It is taxable in the hands of B or taxable in the hands of A?
Inthis transaction B didn't take any advantage from this transaction.
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 09 July 2009
SITUATION 1: A & B ARE NEITHER SPOUSE NOR FATHER-IN-LAW AND DAUGHTER-IN-LAW:CAPITAL GAIN TAXABLE IN THE HANDS OF B
SITUATION 2: EITHER SPOUSE OR F-I-L AND S-I-L: CAPITAL GAIN TAXABLE IN THE HANDS OF A
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 09 July 2009
In my opinion, it will be taxable in the hands of A only.
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 10 July 2009
Mr.NITIN
PLZ CLARIFY YOUR POINT WITH APPROPRIATE REASON
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 10 July 2009
It will be taxable in hand of A only, because definition of capital assets is much wider than normal sense. If A has not shown these transaction in his books it will be deemed as Benami Transaction for which there can be legal consequences
Thanks,
Lovenish Bansal
dushyant
(accountant)
(27 Points)
Replied 12 July 2009
| Originally posted by :raghu | ||
| " |
Onus of proof will be on A that the land have been purchased by A-himself and bot by Mr. B, which will not be possible for A to do so as documentary evidence are in against of it. A will not take any benefits and Mr. B is liable for payment of tax. Hai!all |
" |
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