Can a sister sell a land plot which she brought independently from outside of family, to brother via gift deed and then brother transfer the money amount for plot as gift to sister? What are tax implications? Will this help the sister to save tax?
Menu
Can sister sell a land or property to brother by gift deed?
Replies (5)
No provided she has the power of attrney
Thank you sir for the reply. Yes in this scenario the sister has the POA as she purchased independently and the land is NOT from inside the family
According to me there will be capital gains i hands of brother.
also cross gifts may be disregarded by tax authorities.
also cross gifts may be disregarded by tax authorities.
Can you please elaborate? What you meant by capital gains. Isnt gift deed by sister and brother transferring money to sister are two different events.
What I mean
when the brother gets plot of land by gif from sister it becomes his asset and the cost will be the original cost of sister so when the brother sells the land, it will he capital gains in his hand.
what the brother transfers to sister can be tax free.
but I think some tax officer can link and disallow the cross transfer .
these are my views
when the brother gets plot of land by gif from sister it becomes his asset and the cost will be the original cost of sister so when the brother sells the land, it will he capital gains in his hand.
what the brother transfers to sister can be tax free.
but I think some tax officer can link and disallow the cross transfer .
these are my views
Recent Topic
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
Related Topics
CAclubindia
