Hi I would like to know how to compute tax and under what head on the following case: Mrs X female resident, bank account had been credited with Rs 10 L towards sale of ancestor property by her brothers and they have remitted a portion (10L) in her account. Now how to calculate this income? Shall i consider this under Capital gain or to consider it as IFOS (monetary gift received from relative)
Secondly Mrs.X had transferred 50% of the amount to the bank account of Mr X How to treat the same in the hands of Mr. X Kindly clarify urgent too!
CAclubindia
