A friend"s Father has sold of his ancestral property and gifted the money recived to her daughter. what is going to be the tax implication in the hand of daughter. Daughter intend to invest the money in a under construction property in gurgaon , is it necessary to keep money in Capital gain account till the time it is not invested
2 Replies
CA.ViVeK M ACA
(ACCOUNTS DEPARTMENT)
(28544 Points)
Replied 23 July 2011
1. Gift transaction from relative were exempted from tax so nothing to be chargeable to tax under any section.
The tax treatment shall be lies with the person who have sold the property. Means father.
Sunshine
(Helping All)
(10575 Points)
Replied 23 July 2011
Gift to a relative is not taxable u/s 56(2)...so no CG for daughter.Tax implications on father on transfer of property
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