Gift tax- income tax
This query is : Resolved
27 February 2014
Respected all,
one senior citizen (age 85 years) sold his house property for 1700000/- and gifted the full amount to his married daughter(aged 58 years). she invested the same, to purchage of new house on her name in in the same year.
1. is that daughter have to pay any income tax?
2. Is that father have to pay any gift tax?
3. is there any other taxes have to payable by any of two?
please clarify my doubt
BALU
one senior citizen (age 85 years) sold his house property for 1700000/- and gifted the full amount to his married daughter(aged 58 years). she invested the same, to purchage of new house on her name in in the same year.
1. is that daughter have to pay any income tax?
2. Is that father have to pay any gift tax?
3. is there any other taxes have to payable by any of two?
please clarify my doubt
BALU
27 February 2014
father had sold house property so if there is any capital gain tax then he needs to pay tax and dayghter when sells it then capital gain is payable.
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