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Capital gain

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(Querist)
14 July 2015 a person sold the property & distribute the amount to her children
thereafter children purchase a flat. so whenever he will sold the property is he will get deduction u/s 54?
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Amol S Joglekar

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Amol S Joglekar (Expert)
14 July 2015 Income tax is PERSON based.
01 When property is sold...the gain arising out of it is taxable in the hands of SELLER

02. The property purchased in the name of child...if child sells the same...the gain will be taxable in the hands of child.
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CMA Gul S

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CMA Gul S (Expert)
14 July 2015 Its form of a Gift to Children. But any income\gain\profit generated of that will be taxed to the seller\child




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