land acquired through power of attorney

[satbir singhwahi]

land acquired through power of attorney, is sold through registered deed, whether this transaction is valid for calculating capital gain under income tax act.

AI Summary

Validity of Land Sale via Power of Attorney for Capital Gains: Income Tax Act Lacks Specific Transfer Mode Guidance A discussion on a forum involves a query about the validity of a land transaction for calculating capital gains under the Income Tax Act when the land is acquired through a power of attorney and sold via a registered deed. One participant explains that the Income Tax Act does not specify the mode of transfer, focusing instead on the transfer of title and receipt of consideration. Another participant mentions that the tax department disputes the transaction's validity for long-term capital gains benefits, despite possession and declared rental income over four years.