Assessees Seema Bhattacharya\u00a0 and Jharna Bhattacharga\u00a0 were wives of kartas\u00a0 Shri Baskar Bhatachrya (Husband of JB)\u00a0 Shankar Bhatachrya\u00a0 (Husband of SB)\u00a0 and\u00a0 \u00a0who were brothers. Assessees sold their agricultural land and purchased an immovable property from sale consideration. Assessee Jharna Bhattacharga\u00a0\u00a0 \u00a0claimed that land sold belonged to HUF.\u00a0 Assessing Officer denied the claim and regarded capital gain as assessable in hands of assessee\u00a0 as an individual. Commissioner (Appeals) held that no capital gain could arise in hands of assessee as same was property of respective HUFs. On appeal\u00a0 the Tribunal held that\u00a0 land was originally held by father of kartas which was divided into three parts and there was nothing to show that income from said property was being returned as family income. Merely because land was divided, with a view to avoid family dispute, by father between himself and his two sons, would not by itself make it a family property. Capital gains\u00a0 was rightly\u00a0 assessed as an individual property. (AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Division of property to avoid family dispute-Capital gains is taxable in the hands of Individual and not HUF. [S. 4, 171] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34250","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8Uq","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34250"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34250\/revisions"}],"predecessor-version":[{"id":34251,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34250\/revisions\/34251"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}