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Capital gain not computable on execution of sale deed in favour of daughter-in law
Case Law Details
- Case Name
- Hanuman Prasad Tambi Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Jaipur
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Hanuman Prasad Tambi Vs ITO (ITAT Jaipur)
ITAT Jaipur held that capital gain not computable in respect of sale deed executed in favour of daughter-in law as it is only a gift to close relative and not a sale.
Facts- The assessee had sold immovable property for the total consideration of Rs.14.00 lacs which had been valued at Rs.25,68,900/- for the purpose of charging stamp duty and on verification of record, it had been found that the assessee had not filed the return of income for the year under consideration. Thus, according to AO, the assessee had failed to disclose fully a...
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