Murali (age 67) reports the following transactions and you are required to determine which of the transaction shall be regarded as transfer and liable for tax ?

CS Executive · Tax Laws · PYQS · June 2021
Murali (age 67) reports the following transactions and you are required to determine which of the transaction shall be regarded as transfer and liable for tax ?
(A) Distribution of capital assets on partial partition of HUF
(B) Transfer of capital assets under reverse mortgage
(C) Transfer of capital assets by holding company to subsidiary company for valuable consideration
(D) Distribution of capital assets on the dissolution of partnership firm

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C), (D). Official source note: Option C and D both may be considered as correct.

Topics: Income Tax

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