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LONG TERM CAPITAL GAIN

This query is : Resolved 
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(Querist)
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
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
15 July 2010 The answer will depend upon the amount of taxable capital gains and present income of your father.
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
15 July 2010 ltcg will not be exempted but gift received in ur hand will not be taxable income u/s 56
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CA.Mini

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CA.Mini (Expert)
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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