Capital gain

This query is : Resolved

CHAITRALI RAVINDRA DABADE (Querist)
Follow

14 July 2015 a person sold the property & distribute the amount to her children
thereafter children purchase a flat. so whenever he will sold the property is he will get deduction u/s 54?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

14 July 2015 Income tax is PERSON based.
01 When property is sold...the gain arising out of it is taxable in the hands of SELLER

02. The property purchased in the name of child...if child sells the same...the gain will be taxable in the hands of child.

Message likes : 1 times

CMA Gul S

CMA Gul S (Expert)
Follow

14 July 2015 Its form of a Gift to Children. But any income\gain\profit generated of that will be taxed to the seller\child

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

saurabh sawlani

atul kumar soni

office docs

Sreekumar J Pai

MURALIKRISHNA EDDANAPUDI

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA