Immovable property transfer
B.Chakrapani Warrier
(Querist) 29 December 2017
This query is : Resolved
Absolute right in land is changed to undivided right in land. Whether this change will be treated as relinquishment of right as per section 2(47) of the Income tax Act,1961
Ms.Usha Kapoor
(Expert) 30 December 2017
Absolute right can be divided into undivided right and whether undivided right gets into relinquishment of right . The question to the 3rd part of answer lies in section 2(47)(i) Income Tax act.
section 2(47)(i) reads as follows: Central Government Act
Section 2(47) in The Income- Tax Act, 1995
(47) 5 transfer", in relation to a capital asset, includes,-
(i) the sale, exchange or relinquishment of the asset; or
(ii) the extinguishment of any rights therein; or
Yes undivided interest gets changed into relinquishment right.b y virtue of section 2(47) IT Act1961.
Ms.Usha Kapoor
(Expert) 30 December 2017
If you appreciate the above answer please give me like.
Dr J C Vashista
(Expert) 01 January 2018
Is it not an examination hall question paper?
