04 September 2016
Sir suppose Mr X sells his land for Rs 50 lakhs . He will pay all the capital gains tax on the sale proceeds and remits the balance amount to his son's account. Now, is the son liable to pay tax on what he recieved as balance amount or is it tax free ?
04 September 2016
In this case the amount invested into the bank account is tax free. But if the son is minor and the interest income received from the investment I'd taxable in hands of parent whose income is more other than the investment income of the minor child Rs 1500/- is deductible per child Hope it is clear
04 September 2016
The problem is if it is a minor child.it would be difficult to explain to income tax authority. Kindly discuss with a professional in your area
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