No Tax on transfer of property under family settlement

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 t

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