LONG TERM CAPITAL GAIN
This query is : Resolved
15 July 2010
DEAR SIRS,
MY FATHER HAS A RESIDENTIAL PROPERTY. HE WANTS TO SELL THE PROPERTY. MONEY RECEIVED AFTER SALE, HE WANT TO GIFT TO ME (SON) AND MY WIFE. WHAT WILL BE THE TAX LIABILITY.
IF THERE IS TAX LIABILITY THEN HOW TO SAVE IT.
THANKS
A.KUMAR
MY FATHER HAS A RESIDENTIAL PROPERTY. HE WANTS TO SELL THE PROPERTY. MONEY RECEIVED AFTER SALE, HE WANT TO GIFT TO ME (SON) AND MY WIFE. WHAT WILL BE THE TAX LIABILITY.
IF THERE IS TAX LIABILITY THEN HOW TO SAVE IT.
THANKS
A.KUMAR
15 July 2010
The answer will depend upon the amount of taxable capital gains and present income of your father.
15 July 2010
ltcg will not be exempted but gift received in ur hand will not be taxable income u/s 56
16 July 2010
Better ask him to deposit in Capital gain account scheme or in REC bonds either in your name.hence the capital gain will be exempted in his hands and the gift will not be taxed in your hands also u/s 56.
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