Capital Gains
This query is : Resolved
03 December 2010
An assessee being a son who has given his Power of Attorney to his mother.
The assessee is having a land in his name.
Subsequently his land was sold by his
mother who is holding his Power,
Que - in whose hands LTCG will be
taxable ?
Highlight the relevant Provisions Of
Income Tax Act.
An assessee being a son who has given his Power of Attorney to his mother.
The assessee is having a land in his name.
Subsequently his land was sold by his
mother who is holding his Power,
Que - in whose hands LTCG will be
taxable ?
Highlight the relevant Provisions Of
Income Tax Act.
03 December 2010
Son is the owner of the land. Though the land was sold on a P.O.A , capital gain will arise in the hands on the son only.
03 December 2010
Giving Power of attorney will not be construed as transfer since there is no exiguishment and relingusishment of any right in the capital asset.
If P O A transaction is not construed as a transfer the ownership of the land is with the Son
Capital gain will be taxable in the hand of Son.
If P O A transaction is not construed as a transfer the ownership of the land is with the Son
Capital gain will be taxable in the hand of Son.
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