Capital gain on property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2014
I was power of attorney holder of my friend's land. The land was sold. Since I was power of attorney holder, I executed the deed.Now ITO has given me notice u/s 148 to pay capital gain tax. What reply should I give that I was not a owner of said property. Please give some case laws.
12 June 2014
but since ur not the owner but since u executed the transfer so it was ur duty on behalf of owner to pay capital gain tax if any applicable and ito is correct.
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