Capital Gains
This query is : Resolved
17 March 2018
Sir,Any amount paid to sister or brother against the ancestral property will the capital gains arises in these family arrangements. If it is exempt under which section it is exempt.
17 March 2018
Pls Give more details
17 March 2018
Assessee father has expired and amount is paid to sister towards the share in land would this transaction amounts to capital gains or not. Otherwise it has to be consider under family
arrangements and exempt if exempt under which section
17 March 2018
After the death of the father, the property becomes the common family property. Any settlement or giving up of ownership by one family member for the benefit of other family member is not considered as a capital asset transfer. Capital gains will not be applicable here
17 March 2018
Thank you sir can I know under which section it is not taxable sir
17 March 2018
This transaction is not considered as a Transfer. There is no specific section under which this has been mentioned
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17 March 2018
Thank you sir
18 March 2018
everything here will anyway get covered under 56(2)(vii) exemptions
18 March 2018
Thank you.
18 March 2018
Nikhil bro, I think this doesnt fall under gift when there is consideration paid.. :)
18 March 2018
actually my mistake. Sai. You can refer to the following cases that cover facts of your case:
1. B.A. Mohota Textile Traders Pvt. Ltd vs. DCIT (Bombay High Court)
2. Commissioner of Income Tax vs. A. L. Ramanathan, 1998 (Madras High Court)
and also refer to this article for detailed discussion on family arrangement related tax issues https://taxguru.in/income-tax/family-arrangements-taxation-legal-aspects.html
1. B.A. Mohota Textile Traders Pvt. Ltd vs. DCIT (Bombay High Court)
2. Commissioner of Income Tax vs. A. L. Ramanathan, 1998 (Madras High Court)
and also refer to this article for detailed discussion on family arrangement related tax issues https://taxguru.in/income-tax/family-arrangements-taxation-legal-aspects.html
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