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Taxability of Capital Receipts

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(Querist)
02 January 2011 Amount received to sister for surrender of right in ancestral property at the time of sale of property, whether it is taxable or not? and why?
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CA Karun Gupta

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CA Karun Gupta (Expert)
02 January 2011 As the said amount is a capital receipt, it is a taxable Capital Gain for Transfer of a Capital Asset.
Transfer of Capital Asset includes Extinguishment of any right on asset.
Thus it is a taxable Capital Gain.
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