You yourself got confusion !!!
As per sec. 47(iii) of IT act...
Read:: ......
47. Nothing contained in section 45 shall apply to the following transfers :—
(i ) any distribution of capital assets on the total or partial partition of a Hindu undivided family;
(ii ) [***]
(iii ) any transfer of a capital asset under a gift or will or an irrevocable trust : ...."
Then why are you calculating capital gain over the (GIFT) transfer???
You yourself got confusion !!!
As per sec. 47(iii) of IT act...
Read:: ......
47. Nothing contained in section 45 shall apply to the following transfers :—
(i ) any distribution of capital assets on the total or partial partition of a Hindu undivided family;
(ii ) [***]
(iii ) any transfer of a capital asset under a gift or will or an irrevocable trust : ...."
Then why are you calculating capital gain over the (GIFT) transfer???
That it the basic answer to your query, based on exemption claimed u/s. 54.....
But you are caught in additional sections, which have no importance in this query...
So, not to confused you more, I bid good bye.....
Good Luck...
CAclubindia
