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 ?
CA. SUDHARSAN K G
(Expert)
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
