Hi All,
could anyone please let me know what would be my tax liability in the following case and also my mothers, if at all.
i am looking at a buying a property worth 30 lakhs. out of which 15 lakhs would be home loan and 15 lakhs from my mother.
now 15 lakhs that my mother would give me would come from the selling old gold that my grandmother (nani) had passed on to my mother but there is no will or inheritance note.
my mother is a homemake so not a taxpayer. she doesnt even have a pan card. what i want to understnad is that my mother sells this gold and gifts the monetary proceeds of 15 lkahs to me.,..would i be liable to pay tax..???
also would my mother be questioned as to why did she never show this gold to IT and not filed ITR ever.....
please help ...its urgent....
CAclubindia
