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Capital gain

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(Querist)
01 July 2013 if a person transfer capital asset for inadequate consideration.. is that transaction amounts to gift under head other source?

if yes,whether the provision of section 50C applicable on the above transaction(as per section 47 gift does not amount to transfer)?
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Karan Teli

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Karan Teli (Expert)
01 July 2013 Yes, it amounts to gift and apart from this while valuing we use the principles given under section 50c.
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kunal

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kunal (Querist)
01 July 2013 but in section 50 c it is clearly mentioned that consideration received or aaccruing as a result of the TRANSFER of CAPITAL ASSET..
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Karan Teli

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Karan Teli (Expert)
01 July 2013 Don't you think gift is also transfer?
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kunal

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kunal (Querist)
01 July 2013 BUT SECTION 47 SPECIFICALLY EXCLUDE GIFT FROM THE DEFINITION OF TRANSFER..
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