Capital Gain-Clubbing of income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 If any capital asset which is chargeable under capital gain tax is transfered by (major)son to his parents as a gift,then such transfer is taxable under the head capital gain or not?if it is not taxable to son then,when his parents transfer such capital asset to other 3rd party,then in that case what is the cost of acquisition for him(ie parents)?

Guest

Guest (Expert)

29 January 2011 No chargeable as Capital gains. In case, parents sells the property, cost of acquisition in the hands of son will be the cost of acquisition in the hands of parents.