Capital gain
This query is : Resolved
02 May 2016
NRI Son sold property of mother in india.,.mother reside in USA.,son had power of attorney.,.now capital gain arrise.,.whether capital gain is of son or mother??
02 May 2016
In this transaction, the son is only an agent to his mother (principal). It is innate rule that, principal is liable for the acts of the agent.
The transferor of the property is mother and not her son, who is POA. Hence, mother is assessable to capital gains tax.
The transferor of the property is mother and not her son, who is POA. Hence, mother is assessable to capital gains tax.
02 May 2016
thanks aloooooot sir for resolving my query.,.,u made my day..,:):):)
02 May 2016
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