Money received from father

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This query is : Resolved

raghavendra b (Querist)

14 May 2018
Dear Sir,

I have asked same query earlier, but i want more information regarding money received from father after sold his house property is taxable income in the hand of daughter or father ? if father has not been paid capital gain tax or not submitting income tax return for that financial year. If so daughter after received money from his father through a/c payee cheque wants to invest in capital gain tax avoiding scheme. Will the whole amount will be questionable ? by ITO officer if notice will be served ?

please suggest me

regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 May 2018 1 Father is liable for capital gains tax.
2 Money received by daughter can be treated as gift and exempt from tax.
3 What is the financial year in which the house is sold.
4 Only the capital gain amount is questionable not the whole amount.
5 Investment in capital gains bonds should have be done within 6 months from the date of sale.

raghavendra b

raghavendra b (Querist)

15 May 2018 thank you sir,

I agree, suppose father has died and even father has not been paid capital gain tax, money received by daughter will not be liable to pay income tax. then, the money treated as gift

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

15 May 2018 Yes daughter will not be liable to pay income tax liability of father.

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