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Sahil Ahuja (Accountant)     03 August 2021

Claim of capital loss in case of Gift

X transfer a plot improved cost of purchase Rs. 10 Lac to his wife for Rs. 50,000 only. Can X claim Capital loss and set off against another capital gain(both are long Term)? If no, why???

 3 Replies


Sourav (Student)     03 August 2021

But it should be treated as gift to relative
Sahil Ahuja

Sahil Ahuja (Accountant)     03 August 2021

If it is treated as gift, will it not treated as transfer as U/s 47(iii) of income tax act?? why will it still treated and allowed as capital loss?

Nidhi (Chief Accountant)     04 August 2021

1. It's treated as Gift in hands of wife as immovable property received for inadequate consideration.
2. It's Considered as sale of property in your hand and LTCG applicable with sale consideration as stamp duty value
So, Stamp duty value less indexed cost is capital gain or loss, as the case may be

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