Article 227 review permits intervention in arbitration only for manifest, patent inherent jurisdictional defects, not representational authority dispu...
Gifted unlisted shares taxed on receipt under section 56(2)(x) retain their character as assets acquired by gift for determining the holding period. The previous owner's holding period is included, so a subsequent transfer may produce long-term capital gains. However, section 49(4) separately fixes the donee's cost at the value previously taxed under section 56(2)(x); it does not carry over the prior owner's cost. Consequently, indexation of that deemed cost begins only in the financial year in which it was taxed, not in an earlier ownership period.
Gifted unlisted shares taxed on receipt under section 56(2)(x) retain their character as assets acquired by gift for determining the holding period. The previous owner's holding period is included, so a subsequent transfer may produce long-term capital gains. However, section 49(4) separately fixes the donee's cost at the value previously taxed under section 56(2)(x); it does not carry over the prior owner's cost. Consequently, indexation of that deemed cost begins only in the financial year in which it was taxed, not in an earlier ownership period.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
