Capital gains tax on house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 August 2012
A lady aged 80 years has one self-occupied apartment and a second apartment which she had purchased in April 1992 for Rs. 10 Lakhs and which she has rented out. As she is very old and can die anytime, she decides to sell off in June 2012 the second apartment for Rs. 80 Lakhs and deposits the proceeds in her savings account. Subsequently she decides to give the sales proceeds to her son to enable him to buy his own apartment? The son considers this amount as gift from mother and buys his apartment? Please advise what are tax provisions with respect to Capital Gains Tax and Gift Tax?
31 August 2012
1. Capital gain shall arise on the sale of the apartment. On such gain tax shall be payable by the lady.
2. Gift tax has been abolished. There is no tax on gifts.
2. Gift tax has been abolished. There is no tax on gifts.
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Regarding IMS Mandatory from 1st July 2026
- Interest on SCSS
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
