Capital gain on property - Transfer u/s 2(47) - exchange of ...

Tribunal Rules No Distinction Between Gift and Settlement for Property Exchange; No Capital Gains Tax Imposed u/s 49(1)(ii).

July 24, 2020

Case Laws Income Tax HC

Capital gain on property - Transfer u/s 2(47) - exchange of properties between the assessee and his brother - Tribunal concluded that the artificial definition made by Lower Authorities with reference to gift and settlement was not appropriate. The Tribunal was of the opinion that for the purpose of Section 49(1)(ii) of the Act, there was no difference between gift and settlement and that in the instant case, the settlement made with the assessee's brother could not attract capital gains on this count. - HC

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Capital gain on property - Transfer u/s 2(47) - exchange of ...

Tribunal Rules No Distinction Between Gift and Settlement for Property Exchange; No Capital Gains Tax Imposed u/s 49(1)(ii).

July 24, 2020

Case Laws Income Tax HC

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