Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2011 Shares are transferred without adequate consideration to a relative not to the persons as defined in the Income Tax Act.

Can the transferor claim loss under the head capital gains.

Transferee shall be any way taxed under the head income from other sources .

Please clarify.

Thanks

Mahesh Paryani

Mahesh Paryani (Expert)
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26 December 2011 Dear Sir.

If the transaction has malafide interest it will be still be clubed through different ways one of them is by applying landmark case of McDowell