Capital gain or other income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 April 2015
If land is sold by say X, but proceeds from such sale of land is distrbuted between X and Y (where Y was not the owner of land) but was relative as per definition of IT Act. X didnt pay any capital gain tax.
Can Y pay capital gain tax on the portion that he received? Since long term capital gain tax attract 20% plus indexation & cost benefit is available. Otherwise said income will be taxed in other sources at highest tax bracket rate.
Since X didnt pay any CG tax...is there any problem if i claim such income exempt being gift received from a relative.?
Can Y pay capital gain tax on the portion that he received? Since long term capital gain tax attract 20% plus indexation & cost benefit is available. Otherwise said income will be taxed in other sources at highest tax bracket rate.
Since X didnt pay any CG tax...is there any problem if i claim such income exempt being gift received from a relative.?
CA Mohit Bansal
(Expert)
10 April 2015
Here X needs to pay the income tax on ENTIRE capital gain and the amount received by Y from X would be exempt from tax as gifts from relative is exempt
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
