Filling itr or not below situation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2015 hie
my question is :
My uncle sold his agriculture land some of rs 10 lac through chq
and he transfer the whole amount to his son's bank account
My uncle's son bought house from that money.
So My uncle and his son (my brother) wants file ITR to income tax dept?

Please ans. me of this question

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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14 May 2015 1. If it's agricultural land not situated within specified areas it will not be a capital asset and no capital gain to father.

2. Transfer to son's account will be gift to his son.

3. No income tax implications for them as gift from father to son will not be taxable.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2015 Thank you sir.

Can you tell me the limitation of the gift from parents to their children in Rupees is?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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15 May 2015 There is no limitation from income tax point of view. Parents can give any amount to their children.

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2015 Thank you sir for replied

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