01 February 2021
X an individual wants to purchase a house property. Lets assume the purchase consideration is Rs.20 lakhs. The property has to be registered in X's name. X' father, from his bank account paid Rs.5 lakh directly to the seller. The remaining Rs.15 Lakh was settled by X from his bank account. Can X's father pay directly to the seller In order to fit this transaction as a cash gift ? Will it have any tax consequences?
02 February 2021
Thank you so much sir. One last question, In the future if X attracts capital gains what will the cost of acquisition of this property?
CAclubindia
