Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Income tax

yogesh (student) (151 Points)

05 May 2017

Dear all practitioner My father has one house which is sold by him and transfer the said amount to my mom and then my mom purchased house property in the same financial year and sold out the same after 2 months of rs .4lakh profit can you kindly tell me accountability of that income.

Reply
Follow
Share

2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160886 Points)
Replied 05 May 2017

Your father is liable for capital gains tax, short or long term depending upon period of holding the old property being sold.

Your mom liable for short term capital gains tax over Rs. 4 lakhs.

rama krishnan (12234 Points)
Replied 06 May 2017

your father can claim 54F deduction if the property is of long-term capital asset and at the time of purchase of new house, your father should not the owner more than one house except the new house. however the holding period for the new house is 3 years but your mother sold that house before that. hence the entire sales consideration will be charged to capital gains and no credit for cost of acquisition will be given