Transfer of capital asset
This query is : Resolved
Anu Narayanan
(Querist)
25 March 2015
Tax provisions regarding transfer of a capital asset by a father to his son as gift
26 March 2015
If father gifts a capital asset to his son there will be no clubbing provisions and no gift implications for son as well.
But if son further sells the asset then capital gains will accrue to the son in which case cost to the previous owner i.e. father will be taken as cost of acquisition and indexation will be available only from the year in which such asset was first held by the son. But son should sell the asset only at registrar's value since as per section 50C registrar's value will be the sale consideration.
But if son further sells the asset then capital gains will accrue to the son in which case cost to the previous owner i.e. father will be taken as cost of acquisition and indexation will be available only from the year in which such asset was first held by the son. But son should sell the asset only at registrar's value since as per section 50C registrar's value will be the sale consideration.
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