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Capital gain tax
ex.. mother sell a land 40 lakhs she is given to 30 lakhs to son in this case what amount is considered as a capital gain tax 40 0r 10 ? is there any relaxation of gifted to amount family members ?
Replies (1)
There will be long term capital gain (40 lakh - cost of acquisition) and accordingly there will be tax in mother's hand.
If mother gift this money to son , son will not be subject to tax as the gift from the relative is not covered in the taxable income in the hands of the receipients
If mother gift this money to son , son will not be subject to tax as the gift from the relative is not covered in the taxable income in the hands of the receipients
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