Capital gain
Ajey Kumar (21 Points)
23 December 2019
mother selling land and purchases new land in name of the son is there will be any tax liability
3 Replies
CA ABHAY GUPTA
(Practice)
(3235 Points)
Replied 23 December 2019
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...
Ajey Kumar
(21 Points)
Replied 23 December 2019
Thank you sir, so a son can purchase land in his name from sale proceeds of his mother
veeresh hiremath
(10 Points)
Replied 24 December 2019
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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