Relinquishment of right
This query is : Resolved
shashikumar
(Querist)
11 February 2013
whether exemptions under section 54 to 54 G of income tax applicable to relinquishment of right.
CA Suraj Lakhotia
(Expert)
11 February 2013
Transfer of Capital Assets include relinquishment of rights in an asset and hence the sections on deductions would be applicable.
shashikumar
(Querist)
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
CA Suraj Lakhotia
(Expert)
11 February 2013
The date from which you held the right till the date you reliquinshed
shashikumar
(Querist)
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
shashikumar
(Querist)
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
CA Lokesh Pokharna
(Expert)
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..
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