01 February 2012
there were 4 co-owner of particular property say 'A', 'B', 'C' & 'D'. 'A' fraudulently transfer the property in his own name. after some period he decides to give some compensation to other 3 remaining persons. so my query is, weather such expenses are allowable him while calculating capital gain or in any other way....... please provide me the related provision too..... thank you.
02 February 2012
Transfer being fraudulent means no legal transfer to A hence no question of taxation or any other obligation except to face the punishment per law prevailing towards fraudulent actions by A.
CAclubindia
