I have the following query with regard to tax applicability of gift to major son.
A house property was purchased by an assessee in minor son's name and used for self occupation all along. This property was sold when the son was 17 and another property was purchased with the proceeeds in the same son's name. When he turned 19, he is eligible for section 54 exemption. 1. Whether LTCG is to be discussed in the son's personal return of income. Please confirm. 2. For effectuating the gift (after son became major) any settlement ' conveyancing is necessary for discussing LTCG in son's return of income as above?
CAclubindia
