Capital gain on tenancy rights - transfer u/s 2(47) - Even if ...

Capital Gains on Tenancy Rights: Section 2(47) Clarifies No Cost Incurred Equals Nil u/s 55(2)(a).

December 7, 2020

Case Laws Income Tax AT

Capital gain on tenancy rights - transfer u/s 2(47) - Even if the assessee has not paid any amount for purchase of tenancy rights, the nature of rights would remain tenancy right and this is a capital asset. Section 55(2)(a) of the Act clearly stipulates that in case no price is paid for acquisition of an asset mentioned in clause (a) to Section 55(2) of the Act, then the cost shall be taken as Nil. Hence the Assessing Officer was legally incorrect in his view. - AT

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Capital gain on tenancy rights - transfer u/s 2(47) - Even if ...

Capital Gains on Tenancy Rights: Section 2(47) Clarifies No Cost Incurred Equals Nil u/s 55(2)(a).

December 7, 2020

Case Laws Income Tax AT

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