https://www.taxtmi.com/caselaws?id=444911 ITAT Rajkot held that property transfer through sale deed to daughter-in-law constitutes taxable capital gains under Section 50C, despite assessee's claim it was a gift without consideration. The tribunal rejected arguments that Section 47(iii) gift exemption applied, noting the transaction was executed via sale deed, not gift deed. Following precedent from Balwant Kaur Mangat and Jay Atulbhai Mody cases, the tribunal emphasized that transfer mode determines tax treatment - sale deeds trigger capital gains liability regardless of actual consideration received. The fact that daughter-in-law's receipt was exempt under Section 56(2)(vii) did not absolve assessee's capital gains tax liability, as these provisions operate independently. Decision against assessee. en-us Tue, 19 Sep 2023 00:00:00 +0530 Thu, 26 Oct 2023 07:39:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444911 ITAT Rajkot held that property transfer through sale deed to daughter-in-law constitutes taxable capital gains under Section 50C, despite assessee's claim it was a gift without consideration. The tribunal rejected arguments that Section 47(iii) gift exemption applied, noting the transaction was executed via sale deed, not gift deed. Following precedent from Balwant Kaur Mangat and Jay Atulbhai Mody cases, the tribunal emphasized that transfer mode determines tax treatment - sale deeds trigger capital gains liability regardless of actual consideration received. The fact that daughter-in-law's receipt was exempt under Section 56(2)(vii) did not absolve assessee's capital gains tax liability, as these provisions operate independently. Decision against assessee. Case-Laws Income Tax Tue, 19 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444911