Menu
Capital gain
If a member of HUF transfers his self acquired property to HUF , whether this transfer is considered as transfer u/s 47 and chargable as capital gain ?
Further at the time of partition if such property is divided between all members equally and subsequently such property is sold by individual members , what will be the cost of acquisition and date to be considered for determining short term or long term capital gain ?
Replies (1)
Dear friend
If a member of HUF transfers his self acquired property to HUF , the income derived from OR the CAPITAL GAIN arising on transfer of the converted property will be chargeable to tax in the hands of the individual who has converted the said property.
Where the [b]Previous Owner [/b]also acquired the property by way of a transaction referred to in clauses (i) to (v) of Section 47 , then the cost of acquisition of the asset shall be the cost to the [b]Last Of The Previous Owner [/b]who acquired it by mode other than the modes referred to in clauses (i) to (v) of section 47
Where the HUF which received the property on conversion, is partitioned, the Cost of acquisition' in the hands of the [b]member[/b] receiving it on partition will be the amount for which the property was acquired by the member, who converted the said property into HUF property
in such cases the period for which the capital asset was held by the previos owner should be included in the period held by the assessee But the indexation is allowed to the assessee only for the period assessee held on to the assets
If a member of HUF transfers his self acquired property to HUF , the income derived from OR the CAPITAL GAIN arising on transfer of the converted property will be chargeable to tax in the hands of the individual who has converted the said property.
Where the [b]Previous Owner [/b]also acquired the property by way of a transaction referred to in clauses (i) to (v) of Section 47 , then the cost of acquisition of the asset shall be the cost to the [b]Last Of The Previous Owner [/b]who acquired it by mode other than the modes referred to in clauses (i) to (v) of section 47
Where the HUF which received the property on conversion, is partitioned, the Cost of acquisition' in the hands of the [b]member[/b] receiving it on partition will be the amount for which the property was acquired by the member, who converted the said property into HUF property
in such cases the period for which the capital asset was held by the previos owner should be included in the period held by the assessee But the indexation is allowed to the assessee only for the period assessee held on to the assets
Recent Threads
- Gratuity income as salary income on AIS portal. Is
- 80C deductions not being allowed in ITR2 for old r
- Unable to submit ITR 1 return
- Direct Tax(Income from Salary)
- Income from House Property or Business
- 44ADA Business code 14005
- How to rectify Form 67 that is already submitted
- Which year to consider for Property tax if sold af
- Itr form for nil tax return
- FSI & FA for RSU Sale in ITR-2
Related Threads
CAclubindia
