Transfer of property by nephew to uncle
This query is : Open
23 December 2015
I have transferred a property to my uncle through partition deed Whether this transfer of property from nephew to uncle on the basis of partition deed is taxable in the hands of uncle.
Plz advice me and also plz provide reference of any case law if available
Thanks in advance
Plz advice me and also plz provide reference of any case law if available
Thanks in advance
23 December 2015
Deed of partition is not deed of sale. Partition is regarded as transfer under the income tax act. Hence not liable to capital gain tax under income tax act.
24 December 2015
But whether it is taxable in the hands of uncle as a gift?
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