Wealth tax act 1956.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2013
A minor child has accumulated wealth of Rs. 20 Lakh over few year which he has earned by special talent, the same was held in the form of shares by his father. The share were sold in 2013-14 resulting in capital gain of Rs.15 Lakh (that means Sales consideration Rs.35 Lakh).
If plot of Land (Urban Land) is Purchase from the proceed of shares i.e. Rs.35 Lakh then will the clubbing provisions be apply as per section 4 of Wealth Tax Act,1956 to the amount of Rs.15 Lakh which was not earned by minor child but accreted to the asset i.e. shares ?
If plot of Land (Urban Land) is Purchase from the proceed of shares i.e. Rs.35 Lakh then will the clubbing provisions be apply as per section 4 of Wealth Tax Act,1956 to the amount of Rs.15 Lakh which was not earned by minor child but accreted to the asset i.e. shares ?
08 September 2013
Yes hoga 15 lakh hi.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- TAN for Partnership
- LTCG for Assmt year 26-27
- E way bill for tractors
- Suggestions required for income tax filing-software (FY 2025-26)
- Loan by Partnership Firm
- Plot of land. Cost of Acquisition
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
