CAPITAL GAIN
This query is : Resolved
09 July 2010
hi
one of my client had interchanged the capital asset with a person. wil it attract capital gain?.
for example:
ram & sita re interchanging the capital asset LAND(within municipal limit), the value of ram's land is Rs.25.6lacs and sita's is Rs.25.1lacs. will it attract Capital gain?
one of my client had interchanged the capital asset with a person. wil it attract capital gain?.
for example:
ram & sita re interchanging the capital asset LAND(within municipal limit), the value of ram's land is Rs.25.6lacs and sita's is Rs.25.1lacs. will it attract Capital gain?
09 July 2010
Yes as the def of transfer u/s 2(47) says exchange is also a t/f
09 July 2010
"Transfer" defined u/s 2 (47) which includes transfer for a value.
Interchange of capital asset falls under this definition and once a transaction is treated as transfer, the resulting effect will be either Capital Gain or Loss accordingly.
So in your case it is clear.
Interchange of capital asset falls under this definition and once a transaction is treated as transfer, the resulting effect will be either Capital Gain or Loss accordingly.
So in your case it is clear.
10 July 2010
thanks a lot...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
