Gift tax
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2014
Mr. A and Mr. B are brothers. Both have immovable properties. They decide to exchange the ir properties/ forego some interest in others favour. Mr. A proper cost Rs. 5 Lakh and Mr. B property Cost at present is Rs. 2 Crore. what will be the tax implication? what sections of the relevant act are attracted?
06 September 2014
No gift tax implications since both are brothers but exchange of property will give rise to capital gains as the definition of transfer u/s 2(47) includes 'exchange'.
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2014
Thank You.Is there any relief or benefit under family separation arrangement or anything such sort of?
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
