dear all
please help me regarding in income tax treatment of suppose my father have property he wants to o sale it and want to give me that money as gift and I will spend that money to my son study...question arise that what is tax treatment of tax my father is retired person he is getting pension what he would show in his return and what I would show in my return...please guide
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income tax
Replies (1)
Dear sir,
Tax will be applicable on property sold by your father under capital gain(short term or long term capital gain depending upon period of holding of property). Tax on capital gain in the hands of your father.
Cash Gift received from your father exempt from tax. becase gift received from relatives exempt from tax.
Relatives means
- Spouse of the individual
- Brother or sister of the individual
- Brother or sister of the spouse of the individual
- Brother or sister of either of the parents of the individual
- Any lineal ascendant or descendent of the individual
- Any lineal ascendant or descendent of the spouse of the individual
- Spouse of the persons referred to above
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