Income Tax Ordinance, 2001

CHAPTER-IV

COMMON RULES PART III ASSETS

Income Tax Ordinance, 2001 CHAPTER-IV COMMON RULES PART III ASSETS From: 2024-12-29 - To: 0000-00-00 79. Non-recognition rules.- (1) For the purposes of this Ordinance and subject to sub-section (2) , no gain or loss shall be taken to arise on the disposal of an asset - (a) between spouses under an agreement to live apart; (b) by reason of the transmission of the asset to an executor or beneficiary on the death of a person; (c) by reason of a gift of the asset 1[to a relative, as defined in sub-section (5) of section 85]; (d) by reason of the compulsory acquisition of the asset under any law where the consideration received for the disposal is reinvested by the recipient in an asset of a like kind within one year of the disposal; (e) by a company to its shareholders on liquidation of the company; or (f) by an association of persons to its members on dissolution of the association where the assets are distributed to members in accordance with their interests in the capital of the association. (2) Sub-section (1) shall not apply where the person acquiring the asset is a non-resident person at the time of the acquisition…