Can a power holder who sells the property and receives the consideration in his name is liable to pay capital Gains?
If yes what will be the cost of such property for calculating the capital gains?
obeid (learner) (292 Points)
15 August 2010Can a power holder who sells the property and receives the consideration in his name is liable to pay capital Gains?
If yes what will be the cost of such property for calculating the capital gains?
KUNAL DESAI
(B.com, ACA)
(41 Points)
Replied 15 August 2010
hii obeid,
In my opinion,
the attorney is not a legal owner of the property therefore consideration is not taxable in the hands of POA holder as the consideration is received for and on behalf of the person who has given the power of attorney.
moreover, attorney is not a trasferor but he just acted as an agent of the owner of the property.
regards,
Kunal Desai.
CAclubindia
