X is proprietor of a business. He has gifted a building that was used in his business to his sons by a registered gift deed. The market value of the building is more than its WDV as per IT records. Please clarify whether any Short term Capital Gain will arise?
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ST CAPITAL GAIN ON BIZ ASSET TRANSFERRED AS GIFT
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Only when MV exceeds the cost, STCG will arise
This excess will be charged in business
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