Sale of House property

This discussion explores whether a father can sell his self-earned property to his son for a price significantly below market value. While a gift of inherited property is generally not taxable, selling a self-acquired property for inadequate consideration triggers capital gains tax for the father, calculated on the market value (Section 50C). However, the son typically won't face tax implications on receiving the property from his father due to their familial relationship under Section 56(2)(x).