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Avoiding capital gains

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Hari

MBA

21 Points Posted on 17 July 2015

Hi, my father sold a property recently and got some capital gain of around 30laks. He is a government employee and planning to buy a new property with this amount on my name only(daughter). But the question here is will he be exempted from paying tax on this amount when he gifts this amount to me.

And if I receive this amount, will I be liable to pay the tax? Please help me with this

Replies (1)

Z

Tax Consultation (US and India)

2348 Points Posted on 17 July 2015

Is he contemplating exemption u/s 54?

Purchasing immovable property in name of unmarried daughter is allowed.

Shirish Vinayak Godbole Vs. ITO (ITAT Pune)

DIT (International Taxation) Vs. Mrs. Jennifer Bhide

No exemption shall be allowed for merely gifting the money, however gift to relatives do not attract tax but exemption from capital gain can not be availed