capital gain
This query is : Resolved
02 October 2017
one of my relative transfer his property (building purchased long back approximately 13 years back ) to his eldest daughter for a govt value and he kept the money in fixed deposit account and now he wants transfer the amount to his second daughter as gift .My qtn whether farther may attract capital gain or not pl give me suggestions to avoid longterm capital gain by father
02 October 2017
Since the sum received is for the property, long term capital gains will be attracted
02 October 2017
Father can either purchase/construct a property within 1 year before or two years/within 3 years respectively to save on capital gains
02 October 2017
He may invest in capital gains bonds of NHAI/RECL within 6 months from date of transfer
02 October 2017
Long term gain attracted as property is given for consideration.
02 October 2017
He can invest in some residential property or bonds in specified period to get exemption on same.
03 October 2017
transfer of fixed deposit to second daughter will NOT attract any CAPITAL GAIN.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
