Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 May 2013 In case a husband buys a property and transfers it to wife within 2 months in an out of court settlement when they are going trough a divorce would he be liable to Short lerm capital gain Tax?

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Guest (Expert)
10 May 2013 It will be a transfer of asset in the hands of the husband, but exempted transfer, as it is a constitutes the gift.

Hence no capital gain in the hands of the husband.

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 May 2013 Thanks. Can you please quote the section


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Guest (Expert)
10 May 2013 Section 47 (iii), Transactions not regarded as transfer.

10 May 2013 Under Section 56(2)(vii) it is exempted under the hand of receiver (wife) and further it is not a transfer within the meaning of section 47 as non consideration for transfer is arising here. Thus no tax impact in hand of transfer (husband) as well.



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