Capital gain

This query is : Resolved

Poonam Bardia (Querist)
Follow

11 February 2013 Father transferred a property to his son and received consideration and sale deed is also prepared...can same be taken as gift and not taxable. Please reply it on urgent basis....!!!

Ankit

Ankit (Expert)
Follow

11 February 2013 Dear Poonam,

since the sale deed is made and consideration is received, it cannot be shown as a gift.

for showing it as a gift, a gift deed should be prepared and ideally, no consideration should be received...

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

11 February 2013 These are the transaction which amount to " Transfer" under the caption capital gain.

" Gain arising from the transfer of capital asset shall be chargeable to tax under this head of account".

These are the transaction in the nature of "Sale of asset" and neither Gift nor Inheritance".

Poonam Bardia

Poonam Bardia (Querist)
Follow

11 February 2013 The deed itself is prepared because of some issue in name in factory building and dats why they it has to be prepared its juz a paper work n no real transaction...is dere any remedy available for him to escape capital gain tax....!!!

Ankit

Ankit (Expert)
Follow

11 February 2013 Poonam,

Unfortunately there is no escape to CG Tax. since this cannot be taken as gift, CG Tax has to be paid....

Poonam Bardia

Poonam Bardia (Querist)
Follow

11 February 2013 ok Thank u...!!! :)

Ankit

Ankit (Expert)
Follow

11 February 2013 you are welcome...:)