Gift to minor son
This query is : Resolved
06 August 2012
Dear Experts,
grand mother had nominated her bungalow to her grand son. grand mother is no more. Grand son want to give this bungalow to his minor by way of gift.
this can be done? what will be the tax criteria of income tax?
waiting for ur reply....
Regards,
Sushil.
grand mother had nominated her bungalow to her grand son. grand mother is no more. Grand son want to give this bungalow to his minor by way of gift.
this can be done? what will be the tax criteria of income tax?
waiting for ur reply....
Regards,
Sushil.
06 August 2012
As per sec 47, any transfer of a capital asset under a gift, or will is not regarded as transfer for the purpose of charging capital gains.
hence no capital gain will arise to neither grand mother, nor grand son, nor his minor son.
But when the minor son will sell the property , capital gain will arise to him for which the cost of acquisation to him will be that of grand mother.
hence no capital gain will arise to neither grand mother, nor grand son, nor his minor son.
But when the minor son will sell the property , capital gain will arise to him for which the cost of acquisation to him will be that of grand mother.
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