Property when transferred is not an asset under wealth tax act but transferee converts it in asset
whether it will be clubbed in hands of transferror
CA Neha Garg (Practice) (35 Points)
20 March 2011Property when transferred is not an asset under wealth tax act but transferee converts it in asset
whether it will be clubbed in hands of transferror
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 20 March 2011
It Depends on Given Situaltion jee.............
Download the Attached file..........
Puneet Mittal
(Sr. Officer Accounts)
(196 Points)
Replied 25 March 2011
Hi Neha,
Property is not an assets as per wealth tax act at the time of transffer but after transffer transferee converts it into asset as per wealth tax act than this will be include in the wealth of transferror if transffer is revocable transffer.
In case of irrevocable transffer assets will be include in the wealth of transferee.
Regards
Puneet Mittal
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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