Capital gain
This query is : Resolved
03 March 2014
Mr.A received a property in the year 2002 by way of gift from his mother-in-law with absolute right to sell in future.But sale took place only after her concerned.Now Mr.A sold the property in 2013 for Rs.60 lakhs and gave her Rs.15 lakhs as demanded for her concerned. Wherther the entire amount of Rs,60 lakhs is to be assessed under the head LTG.or to be assessed separately (ie Rs.45 lakhs in the hand of Mr.A and Rs.15 lakhs in the hands of his mother-in-law) Is Mr.A is eligible to deduct Rs.15 lakhs as expenses for transfer of the assets. Please clarify the matter with sections applicable under income-tax act.
A.Mohammed Koya.
A.Mohammed Koya.
21 March 2014
any body give a reply to my query
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