Transfer of property
This query is : Resolved
19 February 2015
A HOUSE PROPERTY IS LEASED FOR A PERIOD OF 999 YEARS WITH A RENEWAL OPTION AT THE END OF LEASE PERIOD. LEASE RENT WAS RECEIVED AS A LUMP SUM AMOUNT. WHETHER SUCH LEASE IS AN TRANSFER U/S 2(47) OF INCOME TAX ACT, 1961 AND THE AMOUNT RECEIVED IS SUBJECT TO CAPITAL GAIN?
19 February 2015
http://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-2-47
in case of lease there is no "trasnfer" as per income tax act sec 2(47).
in case of lease there is no "trasnfer" as per income tax act sec 2(47).
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