Capital Gains

This query is : Resolved

P.karthik (Querist)
Follow

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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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.

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

avulaandcopdrl 2023

SIVALINGAM

office docs

Joyashish Maitra

Aayushi Chauhan

Subscribe Now

Capital Gains

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA