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Capital gains and Share transfer

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 September 2010 Dear Sir,

This is regarding a clarification on a firm taken over by pvt ltd company.

The partership firm had me and my father as partners. Subsequently taken over by a pvt ltd [formed by us], lock , stock and barrel... thereby not attracting capital gains.

The shares to an extent of the capital and other assets were issued to both of us, in a proportional ratio.

Now my doubt is.... if my father wants to gift me his share of the business... is it possible without atttracting capital gains.

Kindly explain

Regards
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Nischint Kumar Somani

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Nischint Kumar Somani (Expert)
09 September 2010 it will not be possible, it will attract capital gain tax
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