Gift Tax for a property
This query is : Resolved
18 March 2010
My father in law has gifted my wife a plot worth 20 lacs . Now if my wife sells the plot and invest in some flat in delhi . Does she have to pay any tax as such as all the capital gain is invested in a property in the same financial year .
18 March 2010
see there is no gift tax on ur wife but if ur wife will sell it then if ltcg will occur and ur wife invest this in residential house subject to the conditions of sec54f then she will claim the proportionate exemption. BUT IF STCG WILL ARISE THEN NO EXEMPTION WOULD BE CLAIMED
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
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
