FATHER SOLD ONE LAND AND USED THE RECEIVED AMOUNT TO PURCHASE RESIDENTIAL PROPERTY DIRECTLY IN THE NAME OF SON. SON IS NOT A MINOR.PLEASE LET ME KNOW IF ANY AMOUNT IS TAXABLE IN THE HANDS OF SON FOR ABOVE TRANSACTION?
ALSO WHAT IF THE LAND SOLD IS AGRICULTURAL LAND, IS IT TAXABLE IN THE HANDS OF FATHER? DO SON HAVE TO PAY ANY TAX?
CAclubindia
