My daughter in laws father wish to give 30lacs to her towards settlement of her share against house at Bangalore.Hecis having house at Bangalore and he has two daughters one is our daughter in law .so they have decided to give 30 lacs to my daughter in law towards share of the property and accordingly agreement has been done and transfer the property to eldest daughter My qtn how my daughter-in-law has to t
ake 30 lacs and any longterm capital gain or it wii be attract pl suggest me how to take the amount from her father
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income tax on sharing onasset
Replies (2)
no you can give it by way of gift.... actually it will be treated as LTCG in hands of father in law and not daughter in law.....if I am correct
Husband father is a relative under IT act. Any gift received from relative is not taxable in hands of donee(daughter in law) and donor even SDV exceeds Rs. 50000. However, if the received gift transferred by the daughter then the portion of 30% of sale consideration received will be treated as income of the daughter in law. Father in law purchase cost and date of purchase will be considered for computing capital gain to determine the cost of acquisition and LTCG or STCG
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