karthi sabapathi (student) (173 Points)
07 May 2009Gain on Capital asset tranferred as Gift or Will is liable to Capital gain tax?
Books say,As per sec 47 some tranfers as Gift not attract tax... As per sec.49(1) some tranfers as Gift do attract tax....
Please tell me ,the circumstances at which it will be or not be taxed?
shammi
(student)
(42 Points)
Replied 08 May 2009
hi karthi
sec 47 says that if a property is transfer under a partition of huf then it will not be taxable at that time. but when the person to whom property is transferred sold the same asset then it will be taxable in his own hands but mind u COA from the date of in which it was first held by the same assessee will be taken as proportionately to the year in which such asset is sold
Harish Dhamija
(Student)
(32 Points)
Replied 09 May 2009
| Originally posted by :karthi sabapathi | ||
| " | Gift is gifted by Anyone to his relatives is not taxable. But gift is gifted by a friend to another friend is taxable but it is not taxable when gift is gifted on marriage. | " |
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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