05 December 2019
an individiual wants to donate its property to a society, not registered u/s 12a, to run a educational society. my questions are as under,
1. whether it will be treated as transfer or not in terms of clause (iii) of section 47
2. whether donee will be liable to pay tax in terms of clause (x) of section 56
07 December 2019
It is not sale. it is donation / gift without consideration. in my opinion this donation / gift should be exempted from capital gain tax under clause (iii) of section 47.
20 December 2021
Yes Sir, I agree. The answer was to negate the option of 'donation being not to be considered as transfer u/s. 47' in a different manner. Thank you for the alert.
CAclubindia
