Dear all respected members,
I have a querry regarding capiral gain tax i want your opinion on this please advice.
My uncle gifted my father a huge amount of money by selling a property which belongs to my father but held in the name of my uncle will it be taxed under income tax if my father purchases another property in his name.
And my uncle is real elder brother of my father.
please advice in this matter
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Capital Gain Tax
Replies (7)
This amount will be tax free in the hand of your father
Capital Gains Tax will be applicable to your uncle as he did not satisfy the conditions laid down under section 54 if the Income Tax Act.
However the Gift received by your father would be tax free as your uncle is his brother and hence a relative.
thanku guys
do my father have to file anything to income tax or we should intimate the incometax officials
No need to intimate the department. Just ask your uncle to prepare a gift deed. It would be useful at the of assessment.
thanku sir
if the amount is huge and cross the basic exemption uncle
has to file return
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