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No Tax on transfer of property under family settlement
Case Law Details
- Case Name
- Govind Kumar Khemka Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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Govind Kumar Khemka Vs ACIT (ITAT Delhi)
Facts-
The assessee has acquired the bungalow for INR NIL due to relinquishment of rights in the said property by his three brothers. The assessee has sanctioned a bank loan of INR 15 Crores and disbursement was made by bank of INR 12 Crores (INR 4 Crores each of three brothers).
Accordingly, it is alleged that brothers were paid a sum against relinquishment of their rights in the property. Once the payment is made for such relinquishment, it can no more be said that such transfer was out of love and affection. As per AO, the provisions...
