Section 47 of the Income-tax Act deals with provisions in regard to transactions not regarded as transfer. In view of the same, any gains arising from such transactions are not treated as capital gains chargeable to tax under Section 45.
Distribution of capital assets on partition of an HUF One of the important provisions prescribed under Section 47 is in respect of any distribution of capital assets on the total or partial partition of a Hindu Undivided Family (HUF). Thus, the value of any assets received by a member of the HUF upon partition does not attract any liability to capital gains tax.
How partition can provide lawful tax shelter? An interesting case study presented hereunder throws light as to how members of an HUF can take lawful shelter through partition of an HUF to usefully save capital gains tax.
Esta historia es de la edición November 11, 2024 de Ahmedabad Mirror.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 11, 2024 de Ahmedabad Mirror.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Big B comments on 'biased commentary' in test match
Megastar, while celebrating India's victory over Australia in the 1st test match, also mentioned how the team won against all odds
'I'm a film worker'
Bengali Prosenjit Chatterjee explains why he doesn't think of himself as a superstar
Sobhita's wedding rooted in culture
Sources say actress' wedding attire to include traditional jewellery like maathapatti, vanki
Dhanush moves HC against Nayanthara
Actor files petition against Jawan actress and her director husband over copyright
Rashmika hints at Pushpa 3
Actress Rashmika Mandanna, who has wrapped up shooting for Pushpa: The Rule, penned an emotional note on completing her five-year journey on the film's set and even hinted towards the third part for the movie.
Mohd Rafi's son to make biopic
Director Umesh Shukla of OMG fame attached with film
Ananya's idea of romance
Actress says she is not willing to compromise in a relationship now
Existing USFDA-approved drug shows promise for two rare genetic disorders: researchers
A team of Canadian researchers has found an existing US Food and Drug Administration-approved drug that could significantly improve the quality of life for patients affected with Sandhoff and Tay-Sachs diseases—two rare genetic disorders.
Video chats, social media put teens at drug use risk
Online social connections may be driving the relationship between screen time and early adolescent substance use
Air pollution causing lung cancer in non-smokers
Lung cancer is signifi cantly on the rise among nonsmokers in India, and air pollution is a major contributing factor, experts have said as the country, especially the national capital, continues to grapple with poor air quality.
