capital gain tax
This query is : Open
suresh b.vaishnav
(Querist)
19 July 2011
i am holding tanancy property since 1996.
in 2008 same been surendered to builder and in lieu of such transfer I havebeen alottted a ownership shop.in 2009 such property gifted to my sister in law wit proper gift deed excuted and duly stamped.
1] whether any capital gain will be attracted on allotment of such .
2) whether any gift tax will be attrected.
ples as advise with reasons
thanks
in 2008 same been surendered to builder and in lieu of such transfer I havebeen alottted a ownership shop.in 2009 such property gifted to my sister in law wit proper gift deed excuted and duly stamped.
1] whether any capital gain will be attracted on allotment of such .
2) whether any gift tax will be attrected.
ples as advise with reasons
thanks
CA PARAS BAFNA
(Expert)
19 July 2011
Surrender of tenancy right attracts capital gains at the time of transfer of it.
.
The Sales Consideration , thus received by you is in kind. Market value of the shop may be deemed as your sales consideration.
.
In the second case the shop is gifted to your relative (Section 56- relative)
it will not be treated a transfer. No capital gains will arise.
.
The Sales Consideration , thus received by you is in kind. Market value of the shop may be deemed as your sales consideration.
.
In the second case the shop is gifted to your relative (Section 56- relative)
it will not be treated a transfer. No capital gains will arise.
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