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???
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???
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
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
One more thing property sold was-ground floor rented shops - upper floor residential flat-- Will it residential property U/Ss of 54
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- TDR receipts for agreement holder
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
