Transfer liable to capital gain

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Amit (Querist)
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11 January 2016 If member of huf transfer an capital asset to huf as gift , shall it be treated as transfer under section 2(47)...? If rent received from leting such capital asset being house property, rent shall be clubbed in hands of such member .What if huf sold such an asset and arises capital gain, what is cost of acquiision to huf and in whose hand capital gain will be chargeable to tax...?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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14 January 2016 It will not be transfer since it is gifted without consideration. If rent is received from letting of gifted property the same shall be clubbed in the hands of member who gifted. If capital gain arises it will also be clubbed and for calculation of capital gain cost of acquisition and period of holding shall be as per the previous owner i.e. the member who gifted it.

Amit

Amit (Querist)
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15 January 2016 Thank you Abhishekji , In which type of cases, cost of acquisition shall be considered as cost to previous owner and stamp valuation when property received without considration...?

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CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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16 January 2016 Please refer section 49 of Income Tax Act

Amit

Amit (Querist)
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16 January 2016 So it means that Say mr.x has purchase house in year 2010-11 for Rs.100000 and transfer it to mr.y without consideration as gift in 2015-16 (stamp value Rs. 500000) . Tax consequences will be : Case-I If mr.x is relative of mr.y then cost of acquisition to mr.y will be Rs.100000 i.e., cost to mr.x as it was not subjected to tax u/s 56(2)(vii). Case-II if mr.x is friend of mr.y then cost of acqusition to mr.y will be Rs 500000 i.e., stamp value as it was subjected to tax u/s 56(2)(vii). Am i right...?