ITAX
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2010
There are two properties. One is owned by Mr.A and the other by Mr.B. A and B are uncle and nephew (real brother's son). They want to exchange these properties with each other.
Kindly advise about the tax planning. Whether gift to each other is a better option? I am of the view that no tax would be leviable bcoz A and B are relatives. Further I am of the view that there will be no capital gain tax bcoz the transaction will be in the nature of gift. Whether A and B will be covered by definition of relative u/s 56 of the I.T. Act.
Kindly advise.
Kindly advise about the tax planning. Whether gift to each other is a better option? I am of the view that no tax would be leviable bcoz A and B are relatives. Further I am of the view that there will be no capital gain tax bcoz the transaction will be in the nature of gift. Whether A and B will be covered by definition of relative u/s 56 of the I.T. Act.
Kindly advise.
Aditya Maheshwari
(Expert)
02 August 2010
Duplication
https://www.caclubindia.com/experts/itax-447655.asp
https://www.caclubindia.com/experts/itax-447655.asp
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