Meaning of Tranfer u/s 2(47) ::

Court :
HC

Brief :
Held by hon"ble court that aforesaid transaction means reliniquishment of a right in property which is transfer as defined in section 2(47). Thus the transaction was liable to capital gains tax.

Citation :
C.I.T Vs. Smt. Laxmidevi Ratani

Meaning of Tranfer u/s 2(47) C.I.T Vs. Smt. Laxmidevi Ratani 2/21/2005 (2005) 147 Taxman642(MP) Case Fact: Whether giving up right to claim property and accepting compensation in lieu of that would be treated as transfer liable to capital gain u/s 2(47). Decision: Held by hon"ble court that aforesaid transaction means reliniquishment of a right in property which is transfer as defined in section 2(47). Thus the transaction was liable to capital gains tax.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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