Income-tax on transfer of property under Gift or WILL/गिफ्ट और वसीयत से सम्पत्ति के अंतरण पर आयकर
Автор: Tax Gyan by O.P. Yadav
Загружено: 2021-08-20
Просмотров: 16380
Описание:
Any profit or gains from transfer of a capital asset is charged to income-tax under the head ‘Capital gains’ in view of the provisions of section 45 of the income-tax Act. The expression ‘capital asset’ has been defined in clause (14) of section 2 and the word ‘transfer’ has been defined in clause (47) of section 2 of the Income-tax Act.
As per sub-clause (i) of clause (47) of section 2 of the Act, ‘relinquishment of a capital asset’ is a transfer. In the case of ‘will’ a property is relinquished in favour of other person from a future date and in the case of ‘gift’ of capital asset is relinquished by way of gift deed or otherwise and therefore, comes within the ambit of definition of ‘transfer in relation to capital asset. However, transfer of capital asset under ‘Gift’ of ‘will’ have been specifically excluded from the applicability of provisions of section 45 of the Income-tax Act by virtue of clause (iii) of section 47 of the Income-tax Act, accordingly, transfer of a capital asset under gift or will is not chargeable to income-tax under the head ‘Capital Gains’.
This video is to clarify the doubts, if any, with regard to the chargeability of income-tax under the Income-tax Act on transfer of property under ‘gift’ or ‘will’.
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