Mr.A gifts land & building to Mrs.A
Mrs.A sells the property.
Will capital gain on such transfer be clubbed in the hands of Mr.A?
for CA final exam point....
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Clubbing & capital gains.
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@ arun
capital gain on such transfer be clubbed in the hand of Mrs. A
capital gain on such transfer be clubbed in the hand of Mrs. A
U mean clubbed in hands of Mr.A
or chargeable to tax in hands of Mrs.A?
or chargeable to tax in hands of Mrs.A?
It will be chargeable in the hands of Mrs. A and cost of aquisition shall be cost of aquisition to previous owner I. e. Mr.A. and period of holding shall include the period when the asset was first acquired by the previous owner for the purpose of deciding the type of capital gain. I. e whether it is short term or long term capital gain and taxed it accordingly.
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