Property transferred to Mother for Rs. 5 Lakhs not ‘Gift’, Taxable as ‘Capital Gain’: ITAT Orders to Apply S. 50C [Read Order]

Property transferred - Mother for Rs. 5 Lakhs Not Gift - Taxable - Capital Gain - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Rajkot bench has held that the property transferred in the name of mother for a nominal consideration of Rs. 5 lakhs cannot be treated as a “gift” as the same is taxable as “capital gain” under section 45 of the Income Tax Act, 1961. Ms. Suchitra Kamble, Judicial Member…

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