No Capital Gain Tax on Transfer of Share by way of Gift: Bombay HC [Read Order]
The Court observed that Section 45 of the Income Tax Act, 1961 provides that any profits or gains arising from the transfer of a capital asset have to be considered by the assessee. Only when there is consideration received can the profit or gain be measured.
The Bombay High Court has held that capital gain tax is not payable on the transfer of shares by way of gift. It was observed that Section 45 of the Income Tax Act, 1961 provides that any profits or gains arising from the transfer of a capital asset have to be considered by the assessee….
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