Transfer of property to daughter through sale deed cannot be treated as gift

Assessee has contended that the impugned property had been transferred to her daughter as a gift and therefore charging Long Term Capital Gains applying provisions of Section 50C is bad in law. In its written submission on behalf of the assessee, the learned Authorised Representative of the assessee has contended that the intention of the assessee was to transfer the property as a gift to her daughter and not to earn any capital gain and avoid taxes thereon. The intention was to provide the full ownership right to the daughter and the gift has been effectuated by way of registered deed. On the...