*********The year is 2012*******************
Nehru has a daughter Indira . Nehru is 50 yrs old and Indira is 25 yrs old . Nehru decides to buy a house in his daughter Indira's name.
What is the Property Cost - 25 lakhs
Who pays for the property - Nehru(the proud dad)
How does Nehru pay for the property - by demand draft ,transaction of 25 lakhs was done from Nehru's account.
Who is the property registered under - Indira is registered for the property .
************Fast Forward to 2020***************
Nehru decides to sell the house.
Sell Price - 30 lakhs
The buyer(Modi) pays the Amount to whom - 30 lakhs is deposited in Indira's account since the property is registered under Indira's name.
Questions :
- While buying the property , even tough the transactions was done from Nehru's account ,the property is registered under Indira's name - is this legit?
- In 2020 - who pays Capital gains tax(if any) -Nehru or Indira ?
CAclubindia
