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???
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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