Buying car for office use from Ltcg

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167415 Points)
Replied 09 September 2022

You yourself got confusion !!!

As per sec. 47(iii) of IT act...

Read:: ......

47. Nothing contained in section 45 shall apply to the following transfers :—

(i ) any distribution of capital assets on the total or partial partition of a Hindu undivided family;

(ii ) [***]

(iii ) any transfer of a capital asset under a gift or will or an irrevocable trust : ...."

Then why are you calculating capital gain over the (GIFT) transfer???

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Goutham Babu P V (44 Points)
Replied 09 September 2022

Because u said exemption claimed will be reversed so

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167415 Points)
Replied 09 September 2022

That it the basic answer to your query, based on exemption claimed u/s. 54.....

But you are caught in additional sections, which have no importance in this query...

So, not to confused you more, I bid good bye.....

Good Luck...

Goutham Babu P V (44 Points)
Replied 09 September 2022

Headings of sections 45 and 54 are very clear i think. neither of the headings speaks about gift transfer/transaction instead they speak about profit arising from the transfer, and in more particular section 54 heading specifies about sale transaction sir