What Transactions shall not be regarded as Transfer (subject to certain condition)?

The following transaction shall not be charged to capital gains:

• Section 47 (i) Distribution of capital asset on total or partial partition of HUF
• Section 47 (ili) Transfer of capital asset under a gift or will or an irrevocable trust
• Section 47 (xvi) Transfer of a capital asset in a transaction of reverse mortgage made under a scheme notified by the Government

Notes: The period for which the asset was held by the previous owner should be included (cost of acquisition in this case shall be computed) for Capital asset which becomes the property of the assessee in the circumstances mentioned in Section 49(1) read with section 47 [i.e., when an asset is acquired by gift, will, succession, inheritance or the asset is required at the time of partition of family or under a revocable or irrevocable trust or under amalgamation, etc.].

Notes: The period of holding shall be computed from the date of allotment of shares in the society for a Flat in a co-operative society