Gift to minor son
This query is : Resolved
03 June 2013
Dear Experts,
I have the following query with regard to tax applicability of gift to major son.
A house property was purchased by an assessee in minor son's name and used for self occupation all along. This property was sold when the son was 17 and another property was purchased with the proceeeds in the same son's name. When he turned 19, he is eligible for section 54 exemption.
1. Whether LTCG is to be discussed in the son's personal return of income. Please confirm.
2. For effectuating the gift (after son became major) any settlement ' conveyancing is necessary for discussing LTCG in son's return of income as above?
I have the following query with regard to tax applicability of gift to major son.
A house property was purchased by an assessee in minor son's name and used for self occupation all along. This property was sold when the son was 17 and another property was purchased with the proceeeds in the same son's name. When he turned 19, he is eligible for section 54 exemption.
1. Whether LTCG is to be discussed in the son's personal return of income. Please confirm.
2. For effectuating the gift (after son became major) any settlement ' conveyancing is necessary for discussing LTCG in son's return of income as above?
Anil Sankar V
(Expert)
03 June 2013
the income needs to clubeed with the income of father /income.What Determines Exchange Rates:l.do refer clubbing of income
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