Income tax related
This query is : Resolved
14 December 2011
Mr. A paid Rs. 2500000/- towards purchase of residential land in the name of his father from Mr. B (the owner of land).
What will be tax Implication in regards to
a)Mr. A
b)Father of Mr. A
What will be tax Implication in regards to
a)Mr. A
b)Father of Mr. A
15 December 2011
Hi Raj kumar,.
For Mr A No tax implication.
For Father of Mr.A It is treated as gift from relative hence exempt from tax,
and Income from House property is taxable in the hands of Father of Mr.A
Regards,
Ravikumar
For Mr A No tax implication.
For Father of Mr.A It is treated as gift from relative hence exempt from tax,
and Income from House property is taxable in the hands of Father of Mr.A
Regards,
Ravikumar
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