Menu
Capital gain
Mr.X transferred share to Mr.B is a son of Mr.X(not through Recognised Stock exchange) , consequently Mr.B transfer the share to his friend .....is Mr.A liable to Capital gain tax?
Replies (10)
Mr A not liable to capital gain. Because he doesn't have aNy relation with transaction between MRX Mr B and Mr.B's friend.
for clarification who is Mr A????
Read as Mr.X instead of Mr.A
if mr x purchased from recognised stock exchange with STT PAID..THEN IT IS EXEMPT...
what would be your answer in case of property?
Thanks for your valuable suggestions...
Thanks for your valuable suggestions...
it depends which property and upon conditions....
yes . if it's transfer without consideration. FAir Market value shall be the full value of consideration.
No capital gain to Mr X will not be attracted because mr B is a son of Mr X ...the property has been transferred as a gift to Mr B.and gift received from relatives is exempt from tax
@ harshali, I don't think so....by virtue of section 56(2)(x) Mr.X need not to pay Capital gain tax... because of both comes under relative... however sec 56(2)(x)Mr.B also (recipient) not require to pay tax....when Mr.B had transfer the property to his friend for consideration,then Mr.B has to pay tax upon period of holding....
my answer was for shares.
But if take property in this case then Narendra ji this is possible.
But if take property in this case then Narendra ji this is possible.
Recent Topic
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
Related Topics
CAclubindia
