clubbing of capital gain on house property
This query is : Resolved
06 December 2010
Mr. X gifted the house property to his wife in 81-82
Mrs. X want to sell the same in current year.
Whether Capital Gain would be taxed in hands of mr. X or Mrs. X ?
Please answer after referring to the case of Sevantilal Maneklal Sheth [68 ITR, 503(SC)] & Sec 64(1)(iv)
Mrs. X want to sell the same in current year.
Whether Capital Gain would be taxed in hands of mr. X or Mrs. X ?
Please answer after referring to the case of Sevantilal Maneklal Sheth [68 ITR, 503(SC)] & Sec 64(1)(iv)
06 December 2010
Clubbing provisions applicable. Taxable under the hands of Mr. X.
06 December 2010
The clubbing provisions will be applicable and capital gain shall be chargeable to tax in the hadn of Mr X.
Reason for clubbing
The transfer was made for an inadequate consideration and not being an agreement ot live apart.
Beneficial ownership is rest with Mr X only
Reason for clubbing
The transfer was made for an inadequate consideration and not being an agreement ot live apart.
Beneficial ownership is rest with Mr X only
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
