MY FATHER HAS A RESIDENTIAL PROPERTY. HE WANTS TO SELL THE PROPERTY. MONEY RECEIVED AFTER SALE, HE WANT TO GIFT TO ME (SON) AND MY WIFE. WHAT WILL BE THE TAX LIABILITY.
16 July 2010
Better ask him to deposit in Capital gain account scheme or in REC bonds either in your name.hence the capital gain will be exempted in his hands and the gift will not be taxed in your hands also u/s 56.
CAclubindia
