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whether a deemed capital gain or not
Where an individual transfers any asset (other than house property) to spouse in connection to agreement to live apart (without consideration) would capital gain accrue on the basis of stamp duty value?
Replies (3)
Yes.........
what type of asset is transferred
If the asset is a capital asset such as land, building or jewellery, then capital gain arises on the basis of stamp duty value in case of building and market value in case of jewellery. If he transfers anyother asset, value exceeding Rs.50000, then gift tax will arise.
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