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
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Capital Gain
Replies (2)
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.
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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