Sec 2(47) of it act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2012 SIR,
IN CAPITAL GAIN TRANSFER MEANS SALE AND RELINQUISHMENT .I WANT TO KNOW THAT u/s 2(47)(i) WHAT IS THE MEANING OF RELINQUISHMENT OF THE ASSET.
WHO ARE THE PERSONS COVERED IN RELINQU.:-
A) RELATIVE
B) OTHER THAN RELATIVE
C) BOTH THE PERSONS

If there are 7 diff. persons relinquishing the right on asset some are relative and some are non relative.
On which date it is said to be the owner of the premises?
And, for the long term gain it is necessary to have asset for at least 3 years.My question is that if 5 person have transferred before 3 years and 2 have transferred in 3years of sale so, will it be case of LTCG or STCG?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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07 July 2012 Relinquishment means to "give up or to surrender" and it has nothing to do with its applicability to limited persons.

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