kinra ji
if ur father gifts your the money this is not taxable for u
but your father cannot get exemption from tax just by gifting you the money.
He shall have to invest the Capital Gains in Bonds to save the Long Term Capital Gains Tax.
Note : The Investmet should be made within Six months from the Date of Sale of Property.
Regards,
Devendra Kulkarni
Gifts from relatives :-
Gifts received from any relatives, as defined under the Act, is not taxable. relatives include spouse of the individual; brother or sister of the individual; brother or sister of the spouse of theindividual; brother or sister of either of the parents of the individual; any lineal ascendant or descendant of the individual; any lineal ascendant or descendant of the spouse of the individual; and the spouse of the person referred to as aforesaid.
In this case no taxability...but if you sell your property afterwards...indexation will be counted from the dated when your father gifted you the prorerty...
| Originally posted by : Aryan Singhania | ||
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Gifts from relatives :- Gifts received from any relatives, as defined under the Act, is not taxable. relatives include spouse of the individual; brother or sister of the individual; brother or sister of the spouse of theindividual; brother or sister of either of the parents of the individual; any lineal ascendant or descendant of the individual; any lineal ascendant or descendant of the spouse of the individual; and the spouse of the person referred to as aforesaid. In this case no taxability...but if you sell your property afterwards...indexation will be counted from the dated when your father gifted you the prorerty... |
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| Originally posted by : Prateek Kinra | ||
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i thank each one of you for the prompt reply, but i still do not see a solution. I guess you all are specialist in this field unlike me who is a doctor see lot of complications but not like these. Once my father gets the money from ancesteral sale of property, can he open a capital gains account in nationalised bank. then within 2 years he can buy a new property in which i can be one of the co-owner. This way he can save capital gains tax, but then does this property in which i am a co-ownner (registered in our names) attract any income tax from my side |
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He can claim the exemption upto the amount invested by him. It does not matter if you are the co owner or not. Moreover, you could also plan to buy the property in the name of the HUF as it is money coming out of ansestral property.
As the money legally belongs to the family you can open up an account in the name of the HUF itself. Capital Gains also will be charged in the name of the HUF. You can obtain a PAN, open a Capital Gains account in the name of the HUF and also file the returns claiming the exemption.
On investing the money in the property that you are contemplating you can also hold the property in the name of the family i.e. HUF. Any income from such property will also be charged in the name of the HUF hence you will be quite benefited there as well.
Regards,
mrpraveen @ live.com
Clubbing of income should be attracted here, and you are not liable for any tax on gifted money however your father is liable to pay tax. But if you earn some income or profit out of such gift money that such income and profit will be added to your income and you are liable for tax.
i need to know that...if my brother (a salaried employee in Dubai ) tranfers a sum of Two lakhs per month in my indian saving account as gift.
here i know the fact that it not taxable for me...but can any one let me know that , how i should show it in my ITR. ( i m a salaried employee in india )
CAclubindia
