If in a family Settlement deed, titles of different properties are changed.
For eg. Previous holder relinquishes his name and the new owner is Aunt of previous owner.
What would be the scope of taxability for the previous title holder and the new title holder?
Is Capital Gain or Income from Other sources (Gift) applicable or not?
5 Replies
dhiraj kabra
(article)
(217 Points)
Replied 29 August 2020
If HUF is there and full partition done of HUF properties, then no capital gain on partition
Neeraj Wadhwani
(37 Points)
Replied 29 August 2020
There is no HUF. There was a joint family and then there was partition.
Properties were divided amongst them verbally. Now the family wishes to draft a family Settlement deed so that the properties can be transferred to respective new owners.
Properties were divided amongst them verbally. Now the family wishes to draft a family Settlement deed so that the properties can be transferred to respective new owners.
dhiraj kabra
(article)
(217 Points)
Replied 29 August 2020
No capital gain will accrue to family settlement transfers
Neeraj Wadhwani
(37 Points)
Replied 29 August 2020
And taxability in the hands of receiver of property?
dhiraj kabra
(article)
(217 Points)
Replied 29 August 2020
No capital gain as it's not considered as transfer
Recent Topics
- TDS return submitted, but neither rejected nor acc
- Trade payables
- Kickassanime22
- NSDL DEMAT-annual custody fees
- Claiming Rent Expenses Invoiced Late Due to Vendor
- Discount and Outward freight on Sale GST RCM
- Income from debt mutual funds in ITR4
- Gold ETF STCG and LTCG
- Property capital gain, Bought in 2002 and sold in
- TDS Implication on Expensing Off Unrecovered Invoi
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
