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SECTION 2(47) OF INCOME-TAX ACT, 1961 – CAPITAL GAINS – TRANSFER

Date of transfer : Where assessee along with co-owners had purchased land in 2010 and assessee released its 25 per cent right in said land in favour of remaining co-owners and received consideration in full and handed over possession of property, transfer of property took place on date on which assessee had released his right in property by way of Release Deed in 2013 and not on date of deed of declaration made by seller in 2014 in respect of title of property and consideration paid to assessee, thus, gain derived from transfer of property was to be assessed under head short-term capital gain – Narendra Mahendra Kothari v. Income-tax Officer – [2024] 166 taxmann.com 485 (Chennai – Trib.)

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