13 March 2021
I have one client who got some of mony from her brother for relinquish of rights (by virtue of registered relinquish of rights deed) in ansestral property that is agricultural land situated in municipal jurisdiction. Now assessing officer is adding this amount for capital gain. Will it be attract capital gain.please suggest me. And is there any case law for the same
13 March 2021
Yes, capital gains tax applicable in view of transfer of property involved. No capital gains tax applicable in case transfer of property by way of gift.
CAclubindia
