Capital Gain
This query is : Resolved
Bharat Kumar
(Querist)
09 July 2010
Please tell me that if an assessee can gift his house to his daughter and his daughter sold the house in that year than what is the tax treatment of the assessee and his daughter can be asseessed?
09 July 2010
There will not be any tax computation in the hands of the assessee. However, his daughter will be taxable for that house under the head of capital gain u/s 49(1), i.e., Previous owner.
Computation will be:
Capital Gain = Sale consideration - Exp. on transfer - Cost of Acquisition(after indexation) - Cost of improvement(after indexation)
Above amount will be taxable in the hand of daughter of the assessee.
Regards!!!
Dinesh S. Adhikari
Computation will be:
Capital Gain = Sale consideration - Exp. on transfer - Cost of Acquisition(after indexation) - Cost of improvement(after indexation)
Above amount will be taxable in the hand of daughter of the assessee.
Regards!!!
Dinesh S. Adhikari
09 July 2010
Well my opinion is bit different...
It will be taxed in hands of assessee under clubbing provision.... and not daughter..
year for cost of indexation will be date of purchase of the assessee.( father).
It will be taxed in hands of assessee under clubbing provision.... and not daughter..
year for cost of indexation will be date of purchase of the assessee.( father).
taxindiaconnect
(Expert)
09 July 2010
Section 64 does not provide for clubbing of income in the hands of the trasferor in case where the property has been transferd to a daughter. In my opinion the view suggested by Dinesh is correct.
taxindiaconnect
(Expert)
09 July 2010
Section 64 does not provide for clubbing of income in the hands of the trasferor in case where the property has been transferd to a daughter. In my opinion the view suggested by Dinesh is correct.
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