Capital gain
This query is : Resolved
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?
thereafter children purchase a flat. so whenever he will sold the property is he will get deduction u/s 54?
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.
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.
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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
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