15 February 2011
Dear Expert, A father transfers his residential house property in the name of his two married daughters. Mutation is done in their name but no registration is done. However, the rent earned from the property is being credited to the daughters' bank A/c. The daughters also gave power of attorney in the name of their father to dispose off the said property and deposit the sales proceeds to their bank A/c.
Now in case of sales of the house, who will be liable for capital gain, father or the daughters? Thanks & Regards ABHILASH
CAclubindia
