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Capital Gain | Transfer | Transactions not considered as transfer | Sec 47 of Income Tax Act |

In terms of Section 45 of the Income Tax Act, 1961 (“Act”), tax under the head capital gain arises only upon transfer of capital asset.

Section 2 of the act puts light on the term “transfer” in relation to capital assets and tries to cover all transactions that would be considered as transfer for the purpose of computing capital gain tax. Further, Section 47 of the act talks about certain transactions which are not regarded as transfers in the eyes of the law and hence not liable to tax under the head capital gain.

Transfer


Transactions not regarded as transfer 




Kind Attention: The information provided herein is for education purpose only and the author assumes no responsibility or liability for any errors or omissions in the content.

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