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

Last updated: 12 September 2007

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.