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

[DR.MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.

AI Summary

Capital gains tax: whether registering property held under a power of attorney in the holder's name triggers tax liability. Whether registering immovable property held under a General Power of Attorney in the GPA holder's own name constitutes a taxable capital gains transfer: facts allege acquisition via GPA in 2003 and registration in the GPA holder's individual name in 2007-08; key issues are whether beneficial ownership changed earlier or upon registration and whether registration itself triggers a capital gains realization.