Capital Gains Tax Liability Falls on Society Members, Not Society, for Transferred Assets, Confirms Commissioner of Income Tax (Appeals).

Capital Gains Tax Liability Falls on Society Members, Not Society, for Transferred Assets, Confirms Commissioner of Income Tax (Appeals). https://www.taxtmi.com/highlights?id=62304 Capital gain - real owners of property/asst - 13 members of this society are the owners of the capital asset - Capital gain shall always be chargeable to tax only in the hands of the person who transferred their capital asset. In the present case, this society did not transfer anything, as it did not have ownership of the flat, owners of the flat were members of the society, the learned CIT(A) has correctly deleted the addition in the hands of the assessee- society. - AT en-us Sat, 05 Mar 2022 12:31:17 +0530 Sat, 05 Mar 2022 12:31:17 +0530 TaxTMI RSS Generator Capital Gains Tax Liability Falls on Society Members, Not Society, for Transferred Assets, Confirms Commissioner of Income Tax (Appeals). https://www.taxtmi.com/highlights?id=62304 Capital gain - real owners of property/asst - 13 members of this society are the owners of the capital asset - Capital gain shall always be chargeable to tax only in the hands of the person who transferred their capital asset. In the present case, this society did not transfer anything, as it did not have ownership of the flat, owners of the flat were members of the society, the learned CIT(A) has correctly deleted the addition in the hands of the assessee- society. - AT Highlights Income Tax Sat, 05 Mar 2022 12:31:17 +0530 https://www.taxtmi.com/highlights?id=62304