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.
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Denne historien er fra November 11, 2024-utgaven av Ahmedabad Mirror.
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Big B comments on 'biased commentary' in test match
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