Hai!all
I hv doubt regarding transfer of land...
A and B are friends A purchase land register in the name of B and purchase consideration paid by A, later A sold that land and sale consideration took by A in this situation what is the tax tretment ?
It is taxable in the hands of B or taxable in the hands of A?
Inthis transaction B didn't take any advantage from this transaction.
SITUATION 1: A & B ARE NEITHER SPOUSE NOR FATHER-IN-LAW AND DAUGHTER-IN-LAW:CAPITAL GAIN TAXABLE IN THE HANDS OF B
SITUATION 2: EITHER SPOUSE OR F-I-L AND S-I-L: CAPITAL GAIN TAXABLE IN THE HANDS OF A
In my opinion, it will be taxable in the hands of A only.
Mr.NITIN
PLZ CLARIFY YOUR POINT WITH APPROPRIATE REASON
It will be taxable in hand of A only, because definition of capital assets is much wider than normal sense. If A has not shown these transaction in his books it will be deemed as Benami Transaction for which there can be legal consequences
Thanks,
Lovenish Bansal
| Originally posted by :raghu | ||
| " |
Onus of proof will be on A that the land have been purchased by A-himself and bot by Mr. B, which will not be possible for A to do so as documentary evidence are in against of it. A will not take any benefits and Mr. B is liable for payment of tax. Hai!all |
" |
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