LTCG

Hi Everyone,


Please let me no Wat is the Tax implication in this situation?

Father gifting a property to avoid tax to his son, Later son solds the property and earns capital gain (say 30lacs), Son has purchased a property of same kind one year before transfer of assest to him from his father, whether son can avail exemption upon LTCG , showing the purchasse of property before one year????

What is the Tax implication on Father upon gifting such property to son? is there any prohibition for gifting? whether gift tax is appilcable? for whom?

 

Please clarify me as soon as possible, if possible let me no Sections for the same??!

Replies (3)

Gift Tax is not prevailing as on date.

Section 56(2) (v) is not applicable in case of gift to son.

Section 47(iii) gift not regarded as transfer.

Section 49(1) (ii) transfer under gift, then cost of previous owner will be the cost for donee.

Exemption cab be availed by son.

Son Can Avail Exemption U/s 54 If house property with in the year immediately preceding the transfer such property..

Thank you all,

 

What is the tax implication on father in this regard?

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details