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.
27 June 2014
it will be taxable in the hands of the father...
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
27 June 2014
he is the beneficial owner...legal owner is not that much relevant in income-tax..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Tds on commission charges
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- Minimum tax payable to file Updated return
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- Renovation exp. in flat by family member
- Dep. as per companies act
- TDS on TRUST
- GST ISSUE OF INPUT AND OUTPUT GST
- Tax rate change regarding
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
