Capital gain

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2013 is capital gain arises on transfer of assets(house) by way of NOMINATION.with a consideration of rs. 6625000 as a sale consideration.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 July 2013 When there is a nomination , the transferor does not get any amount as a sales consideration. He nominates the nominee as per his own wishes.
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If the query is about transfer by the nominee- Capital Gain will arise. Cost to the previous owner will be considered for indexation. Holding period will be taken from the date when the asset was first purchased by the nominator.
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Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013 but the lines written on agreement is that " the first party has agreed to transfer the property to second party by way of nomination at a total sale consideration of rs. 6625000rs."
what will be its treatment for the first party.
please refer section also.

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