Capital Gains Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 November 2009
Recently I sold a property for 20 lacs which was purchased 4.5 years back for 7 lacs. That property had my maother as first name and myself as second. I want to divert funds received from sale of the said property to a new property where first name is mine and second my wife. Can it be done?
24 November 2009
It would be treated as deemed gifts made from mother in law to daughter in law, & provisions of sec 64(1) would be attracted (i.e. part of income from such property would remain taxable in hands of mother in law as it is an indirect dift to daughter in law). Please note that as a part of tax planning, it's better to transfer funds to son firstly as transfers made to son is not attracted by clubbing provisions. Now, Son can purchase the new property with the total funds having wife name as co owner. Here, Total Income from property would be assessable to Husband only.
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
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- 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
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
