06 December 2013
person had a house property which was sold in f.y.12-13 it was purchase in f.y.2006 and the consideration received from sale it was duly transfered to his daughter as a gift. whether long term capital gain is charge @20% in the hand of person or charge to his daughter please guide me
06 December 2013
It will on the person and not daughter. As the gift is application of income and not diverson of income. So the person will be taxed @ 20% as LTCG.
08 December 2013
Income Tax has been charged on income to the party who receives the same. Gift of the said income is application of income and hence it will be charged in the hands of income earner.
10 December 2013
Income tax is calculated on the assessee who earns income. So in this case the person who sold the property will be liable for tax after getting benefit of indexation.
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