nder Section 45 of the Income Tax Act, 2015 (Act 896), the transfer of an asset for no consideration is treated as a realization event, and the following rules apply:

1. Transfer to a Controlled Relationship or Associate: When ownership of an asset is transferred to a person who is in a controlled relationship with the transferor, the transferor is treated as having derived an amount in respect of the realization equal to the greater of the market value or the net cost of the asset.
2. Gift Transfer (Not Under a Will or Intestacy): A transfer by way of gift (except under a will or intestacy) is treated as a realization, with the amount being the greater of the market value or the net cost of the asset immediately before the realization.
3. Transfer to Spouse, Child, or Parent: If an asset is transferred to a spouse, child, or parent, the transferor is treated as having realized the asset for the greater of its market value or net cost.
4. Asset Transfer to an Associate in Business: When an asset that is trading stock, a depreciable asset, or a capital asset of a business is transferred to an associate, the transferor is treated as having realized the asset at the net cost, provided the associate is also engaged in the same business or a related business.
5. 50% Ownership Continuity Requirement: In the case of a transfer of assets between associates, there must be at least 50% continuity of ownership in the asset immediately after the transfer to ensure that it qualifies for the special treatment under the law.