Capital gain / gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2014 Hi,

Facts of the case as on date-
Property -[building ground floor commercial shops n uper floor residential flat ]

Mother sold property [ purchased in 99 for 2lak] iin last FY 12-13 n got considerations (cheque )

in the next month gave cash 22 lakh N cheque 22lakh to son as gift

son passed on same cheque of 22lak to purchase a property (open plot )of 30 lakh

What is the treatment in the hand of both

does 54/54f applicable to mother for 22lak cheque payments by son???

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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18 July 2014 ideal situation would have been, if mother had gifted the property to son and son sold the property and then invested the same to claim deduction u/s 54 F or mother would have directly purchased the property even in the name of son form her account.

in the above the mother had sold the property and is laible to capital gain tax . she has gifted the son rs 22 lacs , which is exempt u/s 56. but i have doubt the son can claim deduction u/s 54F, as he has no capital gain

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2014 One more thing- For new property purchased , consideration has been paid from the account of Mother(22 lakh cheq). So wont it be investment u/s 54f.in the hand of mother

One more thing property sold was-ground floor rented shops - upper floor residential flat-- Will it residential property U/Ss of 54

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