Capital Gain on residential building
This query is : Resolved
15 February 2011
Dear Expert,
A father transfers his residential house property in the name of his two married daughters. Mutation is done in their name but no registration is done. However, the rent earned from the property is being credited to the daughters' bank A/c. The daughters also gave power of attorney in the name of their father to dispose off the said property and deposit the sales proceeds to their bank A/c.
Now in case of sales of the house, who will be liable for capital gain, father or the daughters?
Thanks & Regards
ABHILASH
A father transfers his residential house property in the name of his two married daughters. Mutation is done in their name but no registration is done. However, the rent earned from the property is being credited to the daughters' bank A/c. The daughters also gave power of attorney in the name of their father to dispose off the said property and deposit the sales proceeds to their bank A/c.
Now in case of sales of the house, who will be liable for capital gain, father or the daughters?
Thanks & Regards
ABHILASH
15 February 2011
The daughter has to pay Tax on profit earned on sale of property. but check the follows:
Is any gift paper prepared at the time of gifting property to his daughter.
whether Rent agreement was between daughter and lessee.
Is any gift paper prepared at the time of gifting property to his daughter.
whether Rent agreement was between daughter and lessee.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- FEMA regulation Act. for inward remitance
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
