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Capital gain

This query is : Resolved 
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(Querist)
22 February 2012 Hello,

If a father gives his one self occupied residential property to his 3 sons by will and after that sons sold that property within one year. Whether capital gain arising on it will be payable by father or sons? If sons have to pay capital gain tax whether deduction available if they purchase house property individually (i.e 1 house for each son)?

Thanks
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
23 February 2012 There are 2 instances of transfer here.

1. From father to his sons. This transfer is exempt in the hands of the father by virtue of Section 47.

2. Transfer by sons by way of sale.

This transfer shall be taxale in the hands of each son.

Each son shall be eligible to claim exemption u/s 54 for investing in a house property. Each son can purchase an individual house and claim exemption.
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