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Capital Gain

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(Querist)
19 February 2017 If I have acquired a property for Rs 10Lakh and transfer it to UNKNOWN person say Mr .X, then what is the taxability in the hands of me and Mr X.???
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rishabh

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rishabh (Querist)
19 February 2017 Also, I have transferred the same for NO consideration.
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Soumitra Basu

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Soumitra Basu (Expert)
20 February 2017 The market value of the property will be treated as capital gain.
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rishabh

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rishabh (Querist)
21 February 2017 Please mention detail answer for Transfor and transfree
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rishabh

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rishabh (Querist)
21 February 2017 Along with relevant sections
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Tony John

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Tony John (Expert)
21 February 2017 If you transfer a capital asset to another person without any consideration ie as a gift, there is no capital gain tax for you by virtue of Section 47(iii).
Your acquisition cost is the cost to transferee
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Soumitra Basu

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Soumitra Basu (Expert)
21 February 2017 This transfer may not be treated as gift may be treated as relinquishment of asset or settlement
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