CA Umamaheswara Rao (Chartered Accountant) (72 Points)
31 December 2011long term capital gains arised on transfer of capital asset other than residential house and invested with in stipulated period in residential house property as per section 54F. so that capital gains are exempted fully. finally the property was gifted to daughter.
now my question is whether on transfer of property by way of gift to daughter attracts capital gains under section 54F
Z
( )
(2960 Points)
Replied 31 December 2011
According to the sec 54F the asset should not be TRANSFERRED within the prescribed time
But according to sec 47(iii) Transfer of a capital asset under a gift/will is not treated as a tranfer
Preparing a deed would be prefrable
Gift is taxed u/s 56 but since gift to relatives is exempt
There should be no taxation to either parties.
Lets see what other says
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 31 December 2011
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 31 December 2011
agree with Mr Z, though property is transferred it is exempt from tax u/s 56
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