Gift and immediate sale of capital asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2013
Mother is owner of a bunglow.Has two sons. She gifts each son 1/3rd of her bunglow. Now all are 1/3 owner of the property. Immediately the said bunglow is given for development and one son takes his share of money and invests in a house property and balance two owners are getting some money and one flat of 2000 sq ft each. Cost of construction Rs. 1200/- per sq feet.
Question:- whether the first son can claim exemption u/s 54.
Question:- how is the liability to be calculated in respect of other co-owners
Question:- whether the first son can claim exemption u/s 54.
Question:- how is the liability to be calculated in respect of other co-owners
01 July 2013
In case of gifted property the value to the donor is to be taken as the value to the donee and the year in which donor acquired the property is to be treated as the date of ownership by the donee. Since one son opted to own another house at a different place, yes he can get the benefit u/s 54
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- 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
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
