CAPITAL GAIN

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When a member of a Hindu Undivided Family (HUF) receives a property as a gift and subsequently sells it, the capital gains tax is chargeable in the hands of the member. The HUF itself is not liable for this capital gain, as the transfer to the member is considered a gift. Therefore, the individual member is responsible for declaring and paying the capital gains tax on the sale of the gifted property.

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(Querist)
26 December 2020 TO WHOM INCOME TAX CHARGEABLE
IF A MEMBER RECEIVED A PROPERTY AS A GIFT FROM HUF AND THEN SUCH MEMBER SALE THAT PROPERTY THAN WHOSE INCOME WILL BE CONSIDER AS CAPITAL GAIN. HUF OR MEMBER?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 December 2020 Capital gains will be taxable in the hands of .Member
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Aashok Kumar Sharmapro badge

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Aashok Kumar Sharmapro badge (Expert)
28 December 2020 Yes...it will be charged in the hand of the members only.
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