Transfer of land obtained in the name of major sons
This query is : Resolved
27 June 2014
one of my relative had obtained a land at the cost of rs-900000,for making payment, first he transferred rs 300000 each to the bank account of his 3 major sons,then they (3 major sons) made the payment.now he wants to transfer that property for rs 1350000.in that case if the capital gain is payable by the father or it is chargeable in the hands of three major sons so as to claim basic exemption against such LTCG.
Nikhil Kaushik
(Expert)
27 June 2014
it will be taxable in the hands of the father...
Rupesh Jain
(Expert)
27 June 2014
money paid by the father and income will taxable in hand of father.
27 June 2014
but he obtained the property in the name of his sons.he is not the legal owner of that property
Nikhil Kaushik
(Expert)
27 June 2014
he is the beneficial owner...legal owner is not that much relevant in income-tax..
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