Q: Husband Mr.A has given a gift of house property to wife Mrs.B. on 19/06/2009 with registered gift deed. Later on wife Mrs.B has sold it on 19/01/2011.
Who is liable for Capital Gain Tax as per Income Tax Act.
Kindly give Ans. with suggested case law....
Here, sec 56(2)(vii) does apply sisce the gift was made before 1/10/09. Moreover the gift was received from husband who falls under d defination of relatives. In this case the wife who has recvd d gift is liable to assess the capital gain. Cost of asquisition of the building shall be d cost in d the hand of husband n period of holding shall b d date since her husband was holding such asset.
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