Taxability of Capital Receipts
This query is : Resolved
Vinayak Chougule
(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?
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.
Transfer of Capital Asset includes Extinguishment of any right on asset.
Thus it is a taxable Capital Gain.
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