Naveen Rudrappa (3 Points)
15 February 2017My friend has receievd a notice to file ITR for year 2014. In this year he had recieved 25 lakhs as owelty. I see several cases fought where Supreme court has declared owelty as no taxable.
Now which section in e filing this 25 lakhs needs to be mentioned please advice.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 15 February 2017
Its not tax-exempt; chargeble as capital gains.
Naveen Rudrappa
(3 Points)
Replied 15 February 2017
But if you see blog "https://taxbymanish.blogspot.in/2013/02/whether-sum-paid-as-owelty-during_8.H T M L" It clearly says "Whether a sum paid as owelty during course of partition to settle inequalities is deemed to be immovable property, and will not attract capital gains - YES: HC" P
Please advice
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 15 February 2017
Its case specific. When there is no transfer of property as per transfer of property act, it cannot be liable to capital gain tax.
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