Capital gain amt fransfer to ladies
This query is : Resolved
sureshselva
(Querist)
11 February 2013
Dear sir
Party x have 10 lakhs from selling agri land in their village.
Agri land is Grandfather property of Party x
Party X have 3 childs
All childs are married,
Out of 3 child one child is ladies
After the Party X recd amount from selling ,he not shown the amt in his income tax filing
Child's got equal share of 3 laths * Party has one laths with him
Whether the Child's have to show their amt received from their father as capital gains, or under which head
Whether it is compulsory to shown their income & liable to pay tax
They did not made any capital gains scheme
Thanking you
Party x have 10 lakhs from selling agri land in their village.
Agri land is Grandfather property of Party x
Party X have 3 childs
All childs are married,
Out of 3 child one child is ladies
After the Party X recd amount from selling ,he not shown the amt in his income tax filing
Child's got equal share of 3 laths * Party has one laths with him
Whether the Child's have to show their amt received from their father as capital gains, or under which head
Whether it is compulsory to shown their income & liable to pay tax
They did not made any capital gains scheme
Thanking you
CA PARAS BAFNA
(Expert)
11 February 2013
As the Agriculture land is in rural area- (Population below 10000) nothing is taxable.
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