for knowledge to know:
cheque by credited of RS 1crore 50 lakhs of which we sold our current house and out of which purchased other house of RS 95 lakhs o builder by cheque so other 55 lakhs still there as credited in dad account will it be taxable as all happen in same financial year?
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Income from selling our house amount and credited to dad account taxable
Replies (1)
in whose name was the house standing that is sold. only the owner of the house is entitled to receive the sale consideration and credited to his account.
however you can calculate your capital gains and keep aside that AMT . the balance AMT us tax free and you can show it as a gift given to your dad subjected to a gift deed
however you can calculate your capital gains and keep aside that AMT . the balance AMT us tax free and you can show it as a gift given to your dad subjected to a gift deed
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