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Payment of tax

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(Querist)
02 August 2017 If parents purchase house in the name of son, will the son have to pay any tax?
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
02 August 2017 At the time of purchase, son needn't pay any tax . This can be considered as house bought by gift money from relatives.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
02 August 2017 however, capitalgains at the time of sale or transfer of the property will be taxed in son's hands
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