Capital gain

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Gaurav Rawat (Querist)
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21 March 2015 A father had sold the property to his son for an inadequate consideration. Whether any capital gain is attracted or not

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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21 March 2015 Yes there is capital gains tax liability in the hands of father for which registrar's stamp duty value will be taken as full value of consideration irrespective of actual sale consideration. For son there will be no implication of section 56(2)(vii) even if consideration paid is less than registrar's value by more than Rs. 50000/- as father and son are relatives.

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