05 October 2022
Sir, A it person own property (cinema theatre) gift to sister's son after another date sister's own property (cinema theatre) gift to brothers son received. Question: Above mentioned two gift transaction allowed and capital gains tax applicable.
06 October 2022
Yes, both are allowed provided both the Gift deeds are registered with appropriate stamp duty paid. No capital gains tax applicable, as per sec. 56(2)(x) sub sec. 4 of the act. i.e.
For the purpose of this section, “relative” means:
In case of an individual-
1. Spouse of an individual 2. Brother or sister of the individual 3. Brother or sister of the spouse of the individual 4. Brother or sister of either of the parents of the individual ................
CAclubindia
