INTERVIEW QUESTIONS TAX CAPITAL GAINS TAX DETAILS

Question: As per the Income-tax Law, gain arising on transfer of capital asset is charged to tax under the head "Capital gains". What constitutes "transfer" as per Income-tax Law?

Answer: Generally, transfer means sale, however, for the purpose of Income-tax Law transfer means the act of giving up your right on an asset. Thus, under Income-tax Law transfer includes sale, exchange or relinquishment of the asset or extinguishment of any rights therein or compulsory acquisition of asset under any law, etc.​

Generally, transfer means sale, however, for the purpose of Income-tax Law transfer means the act of giving up your right on an asset. Thus, under Income-tax Law transfer includes sale, exchange or relinquishment of the asset or extinguishment of any rights therein or compulsory acquisition of asset under any law, etc.​ Source: CoolInterview.com

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