Please help me on some of my queries:-
One of my client sold his property in December 2011 which was in his mother's name for 1.5 Cr. which was earlier purchased as on 1964 for Rs. 6K. He received sales consideration on his mothers name 50 lacs as on Dec 2011 and in his name 1 Cr. as on 07/07/2013 and Income tax return has not been filed by both of them and on Jan 2012 he purchased a flat of 42 lacs in joint name with his mother now my queries are :-
1) In which year capital gain should be charged as the full consideration is received on 07/07/2013?
2) How exemption will be given as new flat is purchased in joint name ? Whether full exemption can be given to his mother?
3) Is there any tax liability arises on money transfer from mother to son?
Thanx in advance.
CAclubindia
