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Capital gain
mother selling land and purchases new land in name of the son is there will be any tax liability
Replies (3)
If the capital gain is less than the amount invested in land purchase then only gain arise and tax liability be there if not then do not need to worry just show it in ITR...
Thank you sir, so a son can purchase land in his name from sale proceeds of his mother
No tax liability in the hands of son. cash received from mother won't be taxable in the hands of son.
with regard to taxability of land in the hands mother have to pay on gains = sale value- indexed cost
with regard to taxability of land in the hands mother have to pay on gains = sale value- indexed cost
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