Tax liability on gift of cash

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2016 Sir/Mam,
If a mother have two sons A and B and there is a property(land) of in the name of mother and A.
They sell the property for 1 Crore and with the same sale consideration B purchases another land. Will it be taxable?
Will there be a tax liability on A and mother too?
Please solve my query. Thanx in advance

Amol S Joglekar

Amol S Joglekar (Expert)
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12 September 2016 capital gain on sale of property(land) needs to be worked out. The same is taxable in the hands of mother and A, individually.

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2016 but aren't they covered under the defination of Relatives?

Amol S Joglekar

Amol S Joglekar (Expert)
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26 September 2016 are you getting confused with Capital Gain versus Stamp Duty?
Stamp duty is exempt in certain cases of transfers within relatives.....not the capital gain

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