Question ID :
29597
TRASFER OF LAND TO WIFE WAS TREATED AS SALE OF LAND BY AO
Owing to dispute in family one land was transferred by husband to wife via a sale deed for which no consideration was paid. But because they executed a sale deed, AO issued a notice to wife to levy tax on the amount mentioned in the sale deed.
Fact of the case is that there was no sale consideration involved in it.
Now the case is with CIT (A).
Whats the Solution. Any relevant case law.
Posted by
RONAK AGARWAL
on
Apr 24, 2018
Filed Under
DIRECT TAXES
If there is amount mentioned in sale deed it will be consideration for sale
Posted by
VINAY BHARGAV KUMAR G on
Apr 25, 2018
Answer ID :
65567
A transfer between husband and wife shall not attract the provisions of Section 56(2)(vii) of Income Tax Act 1961 (The Act) as clause (A) of the definition of the term relative includes spouse of the individual.
Posted by
CA. SATISH CHAND GARG on
Apr 26, 2018