capital gain u/s 45(6)

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Goongan (Querist)

09 March 2010 Mr.A gift a immovable property (stamp value – 200000/-) for Rs. 60000/- to his friend Mr. X. Cost of acquisition for Mr.A Rs. 150000/-

Tax liability in hand of Mr. A
1.Gift u/s 56 (2) (vii) - 200000-60000 = 140000/-
2.capital gain u/s 45(6) – How Computed ?????????????/

Aditya Maheshwari

Aditya Maheshwari (Expert)

11 March 2010 The finance bill 2010 has proposed to delete the provision with respect to property purchased below market value from non relatives and this will apply w. r. e. f. 01.10.2009.

So in the above case no tax is to be paid by X u/s 56(2) and A will pay capital gains tax on Rs. 200,000 (i. e. the stamp duty vlaue u/s 50C) - 150000 = 50000

Goongan

Goongan (Querist)

12 March 2010 Its OK but I am gong to attempt may 2010. How I solve above problen in Exam . ??????????????????

Aditya Maheshwari

Aditya Maheshwari (Expert)

12 March 2010 For the purpose of exams tax is to be paid by X u/s 56(2) on Rs. 200,000 - 60,000 = 140,000 and A will pay capital gains tax on Rs. 200,000 (i. e. the stamp duty vlaue u/s 50C) - 150000 = 50000

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