Transfer under gift or will excluded from capital gains charge under section 45 for individuals and HUFs. The amendment substitutes clause (iii) of section 47 to provide that nothing contained in section 45 shall apply to any transfer of a capital asset by an ... Summary
Transfer under gift or will excluded from capital gains charge under section 45 for individuals and HUFs.
The amendment substitutes clause (iii) of section 47 to provide that nothing contained in section 45 shall apply to any transfer of a capital asset by an individual or a Hindu undivided family under a gift, a will, or an irrevocable trust, treating such transfers as not giving rise to capital gains for the transferor.
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