Tax liability
This query is : Resolved
05 March 2016
Hi
I would like to know how to compute tax and under what head on the following case:
Mrs X female resident, bank account had been credited with Rs 10 L towards sale of ancestor property by her brothers and they have remitted a portion (10L) in her account.
Now how to calculate this income? Shall i consider this under Capital gain or to consider it as IFOS (monetary gift received from relative)
Secondly Mrs.X had transferred 50% of the amount to the bank account of Mr X
How to treat the same in the hands of Mr. X
Kindly clarify urgent too!
I would like to know how to compute tax and under what head on the following case:
Mrs X female resident, bank account had been credited with Rs 10 L towards sale of ancestor property by her brothers and they have remitted a portion (10L) in her account.
Now how to calculate this income? Shall i consider this under Capital gain or to consider it as IFOS (monetary gift received from relative)
Secondly Mrs.X had transferred 50% of the amount to the bank account of Mr X
How to treat the same in the hands of Mr. X
Kindly clarify urgent too!
05 March 2016
Treat it as monetary gift from relatives. Tranasfer to Mr. X will be gift to relatives but clubbing provision applicable.
Message likes :
1 times
07 March 2016
Mrs.X need not pay tax treating it as gift.
In case of Mr.X any interest earned on the funds transfered will be taxable in the hands of Mrs.X if her Income is more.
In case of Mr.X any interest earned on the funds transfered will be taxable in the hands of Mrs.X if her Income is more.
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