Hi. My dad has sold a land jointly owned by him and my mother and incurred capital gains. He has transferred the consideration to me. I have purchased a residential flat solely in my name 6 months before such sale. The value of the flat which I purchased is more than the consideration for which my dad sold his land. In this case please clarify me if my dad had to pay any long term capital gains tax.
As my dad's consideration money came to me as a gift am aware that am exempt of tax for that money. Also please clarify me that in such case any rental income of my said purchased flat will be taxed in my hands or my dad's.
Thanks in advance.
CAclubindia
