Capital Gains Tax Not Applicable: No Actual Land Transfer Under Irrevocable Power of Attorney Per Section 45 IT Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Capital gain computation - transfer of agriculture land by the assessee through an irrevocable general power of attorney - there was no transfer of the land upon the execution of power of attorney in favor of the party - The provision of section 45 of the Act requires to tax the income in the year of transfer of the property.....