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No capital gains tax on share transfer under family arrangement
Case Law Details
- Case Name
- CIT Vs R. Nagaraja Rao (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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Transfer of shares or other interests pursuant to a family arrangement is not a transfer and hence not liable to capital gains tax.
Karnataka High Court
CIT vs. R. Nagaraja Rao
Case Number: ITA 3048/2005
Date of Judgment: 19-Mar-2012
The assessee, Shri R. Nagaraja Rao, was party to a family arrangement. Each of the parties to the arrangement held personal properties as well as family properties and shares in different business concerns. A dispute arose between the parties, which was referred to arbitration. As per the terms of the settlement suggested by the arbitrator...
