If a father gifts a residential property to a Son and afterwards Son sells the Gifted property and earns CG on that property.
Will son be able to get Sec 54 exemption for purchase or construction of new residential property?.
Menu
Gift and CG
Replies (3)
Quick Summary
Yes son can get exemption u/s 54 for gifted property
Thanks Sourav.
If a father sells the property and earns CG on that (Assuming there is no new residential property or construction) and distributes the consideration to Sons as a gift.
whether Consideration will be liable to CG tax ? And in whose hands?
My view is father will be liable for CG tax and not the sons . Correct if there is any gap in understanding.
If a father sells the property and earns CG on that (Assuming there is no new residential property or construction) and distributes the consideration to Sons as a gift.
whether Consideration will be liable to CG tax ? And in whose hands?
My view is father will be liable for CG tax and not the sons . Correct if there is any gap in understanding.
In that case CG tax will be imposed on the hands of your father
Recent Topics :
- Company 3 months old, INC-20A not filed, all 3 of
- How do I choose the Best GST Lawyers in New Delhi
- Loss on sale of residential flat after indexing al
- Short Deduction
- Large mismatch between AIS Business Receipts and G
- Income tax on Australian Stipendiary Steward on 3
- INCOME TAX SECTION 92E
- Queries on Tax Invoice and GST
- Income Tax Auditor Tenure for Small Companies
- Sec 8 company sec 12ab reg
Related Topics :
CAclubindia
