Capital gains
This query is : Resolved
09 August 2011
Dear Sir/Madam
An assessee being a son is having a Vacant Land in his name.
He appointed his Mother as Power(POA)Agent.
During the Financial year 2010-11 Son's Land was sold by his Mother(POA holder) and Purchased a Property and registered in his Father's Name.
The Son is a Non Resident for the F.Y.2010-11.
Now My Query is
1.In whose hands LTCG will be
taxable ?
2.Since the Son is NRI what about his Tax implifications during the F.Y.2010-11
Highlight the relevant Provisions/Sections Of Income Tax Act.
Dear Sir/Madam
An assessee being a son is having a Vacant Land in his name.
He appointed his Mother as Power(POA)Agent.
During the Financial year 2010-11 Son's Land was sold by his Mother(POA holder) and Purchased a Property and registered in his Father's Name.
The Son is a Non Resident for the F.Y.2010-11.
Now My Query is
1.In whose hands LTCG will be
taxable ?
2.Since the Son is NRI what about his Tax implifications during the F.Y.2010-11
Highlight the relevant Provisions/Sections Of Income Tax Act.
09 August 2011
1. Taxable in the hands of son.
2. section 112 applies.
2. section 112 applies.
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