is father's brother (Chacha) a relative under Income Tax Act?
would transfer of immovable property between the two be exempt from Capital Gains?
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Relative for transfer CG
Replies (1)
explain clearly relation ( Brother and sister of either of parents of individual and their spouse), this is considered a gift, the gift is allowed in blood relation under gift act, are they selling gifted property. so the person uncle who purchased when at what price and sold at what price considering indexation will give capital gain. SELLER needs to pay LTCG.
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