If in a family Settlement deed, titles of different properties are changed.
For eg. Previous holder relinquishes his name and the new owner is Aunt of previous owner.
What would be the scope of taxability for the previous title holder and the new title holder?
Is Capital Gain or Income from Other sources (Gift) applicable or not?
Menu
Taxability in case of Family Settlement
Replies (5)
If HUF is there and full partition done of HUF properties, then no capital gain on partition
There is no HUF. There was a joint family and then there was partition.
Properties were divided amongst them verbally. Now the family wishes to draft a family Settlement deed so that the properties can be transferred to respective new owners.
Properties were divided amongst them verbally. Now the family wishes to draft a family Settlement deed so that the properties can be transferred to respective new owners.
No capital gain will accrue to family settlement transfers
And taxability in the hands of receiver of property?
No capital gain as it's not considered as transfer
Recent Threads
- Initimation on AIS
- GST on sponsorship from foreign body corporate
- Revised Income tax return karna padega kya
- Registration as deductor on traces site
- Rental Income from a Joint Holding property
- Itr 4 return filing question
- Whether GST applicable on Hardship Compensation pa
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
Related Threads
CAclubindia
