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Capital gains

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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 ?
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CA. SUDHARSAN K G

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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.
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