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Capital Gains

This query is : Resolved 
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(Querist)
03 December 2010
An assessee being a son who has given his Power of Attorney to his mother.

The assessee is having a land in his name.
Subsequently his land was sold by his
mother who is holding his Power,

Que - in whose hands LTCG will be
taxable ?


Highlight the relevant Provisions Of
Income Tax Act.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 December 2010 Son is the owner of the land. Though the land was sold on a P.O.A , capital gain will arise in the hands on the son only.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
03 December 2010 Giving Power of attorney will not be construed as transfer since there is no exiguishment and relingusishment of any right in the capital asset.

If P O A transaction is not construed as a transfer the ownership of the land is with the Son

Capital gain will be taxable in the hand of Son.
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