Relinquishment of right
This query is : Resolved
11 February 2013
whether exemptions under section 54 to 54 G of income tax applicable to relinquishment of right.
11 February 2013
Transfer of Capital Assets include relinquishment of rights in an asset and hence the sections on deductions would be applicable.
11 February 2013
Thank you sir,
My question is how to measure the period of holding in case of relinquishmenent
My question is how to measure the period of holding in case of relinquishmenent
11 February 2013
The date from which you held the right till the date you reliquinshed
11 February 2013
Clarify
My client Mr.X relinquished his right on property and collected money from his elder brother.
They made an arrangement of sale deed as if Mr.X is selling property to his brother.
in fact the "WILL" for the same property not yet made by their parents.
Hence how do we treat the above case.
My question.
1.Since the WILL NOT MADE, MR.X Cannot let
his right forego for money.
2.If the same is covered under 2 (47) then how to compute period of holding, in the absence of deed.
3.Can i treat the above transaction as simple family arrangement and ignore
My client Mr.X relinquished his right on property and collected money from his elder brother.
They made an arrangement of sale deed as if Mr.X is selling property to his brother.
in fact the "WILL" for the same property not yet made by their parents.
Hence how do we treat the above case.
My question.
1.Since the WILL NOT MADE, MR.X Cannot let
his right forego for money.
2.If the same is covered under 2 (47) then how to compute period of holding, in the absence of deed.
3.Can i treat the above transaction as simple family arrangement and ignore
11 February 2013
Clarify
My client Mr.X relinquished his right on property and collected money from his elder brother.
They made an arrangement of sale deed as if Mr.X is selling property to his brother.
in fact the "WILL" for the same property not yet made by their parents.
Hence how do we treat the above case.
My question.
1.Since the WILL NOT MADE, MR.X Cannot let
his right forego for money.
2.If the same is covered under 2 (47) then how to compute period of holding, in the absence of deed.
3.Can i treat the above transaction as simple family arrangement and ignore
My client Mr.X relinquished his right on property and collected money from his elder brother.
They made an arrangement of sale deed as if Mr.X is selling property to his brother.
in fact the "WILL" for the same property not yet made by their parents.
Hence how do we treat the above case.
My question.
1.Since the WILL NOT MADE, MR.X Cannot let
his right forego for money.
2.If the same is covered under 2 (47) then how to compute period of holding, in the absence of deed.
3.Can i treat the above transaction as simple family arrangement and ignore
11 February 2013
first of all Mr. x cant relinquish any right, becuase he has nt got any right till now becasue will is not yet completed....
so its a just a family arrangement ,,nothing can be done in taxation law till now..
so its a just a family arrangement ,,nothing can be done in taxation law till now..
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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- TDS Return Q1 FY 2026-27
- Eway bill generation from place other than registeted
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Condonation . E-Verification of last year return .
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- GST rate and HSN code for sale of racing horses
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
