Consideration Received On Relinquishment of Property would be subjected to Tax As Capital Gains: ITAT

Gangahanumaiah Vs ITO (ITAT Bangalore) Conclusion: The ITAT while dismissing the assessee’s appeal observed that the assessee has transferred his share of right and interest over the property in favour of his father through relinquishment deed dated 14.10.2014, which is after entering into sale agreement on 28.1.2014 and as per section 2(47)(i) of the  Income Tax Act, transfer in relation to a capital asset, includes, the sale, exchange or relinquishment of assets. Therefore, the Order of AO wherein it was held that the assessee could not claim any exemption on the capital gains was upheld....