Capital gains
This query is : Resolved
11 July 2012
If theres a land owned by mother n son jointly and if son executes POA in fav of mother and mother sells it later in whose hands will it be taxed ?
11 July 2012
As per section 2 of the said Powers of Attorney Act, 1882 any act done by the power of attorney shall have the same effect, in law, as if it had been executed or done by the principal in his own name, signature and seal.
The proportionate share of gain will be taxed in their respective hands. Capital Gains arises only on sale. Power of Attorney is not a sale. Hence, on the event of sale both the mother and son are chargeable to their respective shares.
The proportionate share of gain will be taxed in their respective hands. Capital Gains arises only on sale. Power of Attorney is not a sale. Hence, on the event of sale both the mother and son are chargeable to their respective shares.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Not able to file ITR
- Presumptive income under Income tax act 2025
- Rental income of jointly held property
- Regarding ITR filing with more value than showing in AIS/TIS
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
