INCOME TAX

Querist : Anonymous (Querist) 12 August 2010 This query is : Resolved
Mr. ghosh has a land in his name, entered with an agreement with a developer to construct a building, got possession of a flat. upon getting possession of that flat he gifted the said to his wife by a registered document. now Mrs. Ghosh wants to sell the said flat, is capital gain arises upon selling the said flat. pl solve with case laws.

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soumitra basu (Expert) 22 August 2010
Mrs. Ghosh has to pay capital gain tax on the value adopted by the registering authority if she does not purchase any residential unit or investment the same in capital gain investment bonds under section 54EC.

s.subramanian (Expert) 27 August 2010
Yes. I agree.

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