capital gain
This query is : Resolved
21 July 2010
right from the section 54 TO 54F it is being said that the so called purchased asset cannot be transfered with in a period of 3Years from the date of its purchase.
then what if such is gifted to some person. is the exemption will be withdrawn?
please guide me in this regard.
{gift is not a transfer U/S 47}
then what if such is gifted to some person. is the exemption will be withdrawn?
please guide me in this regard.
{gift is not a transfer U/S 47}
21 July 2010
gift is not transfer hence exemption will not be withdrawn
22 July 2010
such exemption will be withdrawn if the party you are making the gift transfers it as per Section 2(47) within 3 years.
For counting 3 years, the period you held the asset shall also be counted.
If the asset is sold as stated above, the captial gains which were exempted u/s section 54 shall be reduced from the cost of the asset and accordingly would be taxable in the hands of the party you have gifted the asset.
For counting 3 years, the period you held the asset shall also be counted.
If the asset is sold as stated above, the captial gains which were exempted u/s section 54 shall be reduced from the cost of the asset and accordingly would be taxable in the hands of the party you have gifted the asset.
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