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
CA. RAVIKUMAR
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
