Income
This query is : Resolved
10 September 2014
A PROPERTY SOLD BY MOTHER TO OUTSIDER AND INCOME RECEIVED BY SON ON SUCH PROPERTY.
WHAT TAX TREATMENT
1-IN CASE OF MOTHER.
2-IN CASE OF SON.
WHAT HEAD OF INCOME WILL BE AFFECTED.
WHAT TAX TREATMENT
1-IN CASE OF MOTHER.
2-IN CASE OF SON.
WHAT HEAD OF INCOME WILL BE AFFECTED.
10 September 2014
Amount is taxable in the hands of mother Capital Gain (LTCG or STCG depends)
For son it is a gift so not taxable
(Assuming property is singly owned by mother)
For son it is a gift so not taxable
(Assuming property is singly owned by mother)
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