Sale of property
Querist : Anonymous
At the time of gift, there will be NO tax implication in the hands of both the son & the father.
(a) Gift is NOT treated as transfer and accordingly capital gain will NOT arise in the hands of the son.
(b) Gift from relatives is not taxable by virtue of Section 56(2)(vii). Accordingly there will be no tax liability in the hands of the father.
2. When the father transfers the land, capital gain will arise in the hands of the father.
Cost of acquisition & period of holding in the hands of the father will be the same as in the hands of the son.
The cost of acquisition is to be taken as the cost to the previous owner, the period of holding by the previous owner should also be considered.
Querist : Anonymous
The father can sell the asset immediately or hold it for a long period.
Querist : Anonymous
Querist : Anonymous
2. Gift tax has been abolished and is no longer applicable.
3. However, where a person transfers house property to his wife without consideration, then the person is treated as the deemed owner of the property and he will have to offer income under house property to tax.
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