Transfer of property
This query is : Resolved
16 February 2012
Hello,
If one person has home in his name and he wants to give this under his will to his 3 sons and then three sons sold the same property. Whether capital gain applicable and if yes who should pay it whether father or sons?
If one person has home in his name and he wants to give this under his will to his 3 sons and then three sons sold the same property. Whether capital gain applicable and if yes who should pay it whether father or sons?
17 February 2012
There are 2 cases of transfer in this case.
1. From father to his sons, which is exempt u/s 47. Accordingly there is no tax liability in the hands of the father.
2. From sons to a thir person/s. In this case, each son shall be liable to tax for his share of the property.
1. From father to his sons, which is exempt u/s 47. Accordingly there is no tax liability in the hands of the father.
2. From sons to a thir person/s. In this case, each son shall be liable to tax for his share of the property.
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