Capital Gain
This query is : Resolved
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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Soumitra Basu
(Expert)
20 February 2017
The market value of the property will be treated as capital gain.
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
Your acquisition cost is the cost to transferee
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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