| Question And Answer | |
|---|---|
| Subject: | long lease vs sale |
| Category: | Income-Tax |
| Querist: | bs |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Lease sale |
| Date: | May 7, 2023 |
Can a long lease be treated as a sale after abolition of section 269UA?
This would require a detailed study of the trust deed, powers in the trust deed, reason for the loan, and bona fides of the transaction. It has to be comparable with the market rate. Provision of section 13 of the Income -tax Act has to be considered .
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org
answer is not pertaining to Q under ref