Capital Gain on GPA transactions

[govindaraju velugula]

The property was purchased by GPA in 2003 from one party by some 'X' person. But the same was registered by GPA holder Mr. X to Mr X in his individual name (both are same person only i.e, GPA holder vs. Individual) during the year 2007-08. Pl. let me know, whether Capital Gain will be attracted on these transaction

AI Summary

Clarification Sought on Capital Gains Tax Applicability for Property Bought via GPA in 2003, Registered in 2007-08 A query was raised regarding the applicability of capital gains tax on a property transaction involving a General Power of Attorney (GPA). The property was initially purchased by a GPA holder in 2003 and later registered in the same individual's name in 2007-08. The inquirer sought clarification on whether capital gains tax would apply to this transaction. A respondent asked if the issue had been resolved and requested further information if clarification was still needed.