Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2012
Hello. I need the input fro the below case.
If a person sells her immovable property for INR 40 lacs can she distribute INR 15 lacs each to her 2 daughters and keep the remaining INR 10 lacs in her SB account to reinvest in purchase of site/house/flat.
Also can the 2 daughters keep the INR 15 lacs received from their mother in a FD account? If so how can TDS be avoided on the same as they dont have any other sources of income.
If a person sells her immovable property for INR 40 lacs can she distribute INR 15 lacs each to her 2 daughters and keep the remaining INR 10 lacs in her SB account to reinvest in purchase of site/house/flat.
Also can the 2 daughters keep the INR 15 lacs received from their mother in a FD account? If so how can TDS be avoided on the same as they dont have any other sources of income.
20 December 2012
1) Yes option 1 is possible. This transaction would not attract provision of Sec 56(2)(vii) because she gifted amount to her daughter. But u have to check out for capital gain tax & whether it is a STCG or LTCG.
2) Daughters can keep money in FD. If they dont want to attract the provision of TDS then they fill up the Form 15G/15H to the bank, for which only Copy of Pan card required.
2) Daughters can keep money in FD. If they dont want to attract the provision of TDS then they fill up the Form 15G/15H to the bank, for which only Copy of Pan card required.
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