Capital gain on inherited income

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CA Monika Jain (Querist)
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12 February 2013 If a person has a house in his hand and he sold the house in current year and transferred the income to his sons, my que is
will the income be taxable in the hands of sons or father and how? Pls reply fast

Ankit

Ankit (Expert)
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12 February 2013 Monika,

the income will be taxable in the hands of the father and not of the son. this is so since, this is application of income and not diversion.

the income is not taxable in the hands of the son since, gift received from a relative is exempt.

- Ankit

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CA Monika Jain

CA Monika Jain (Querist)
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12 February 2013 Thanks Sir, Pls reply to my another que that if the employees of an automobile co., book tickets thru an air travel agent,can the co. take credit of service tax on ticket & bill both or only on bill, pls reply fast

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Ankit

Ankit (Expert)
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12 February 2013 Dear Monika,

According to me, it can take the credit on both the service tax i.e. the one charged on the ticket as well as that by the agent.

if you have any other query, you can send me a mail on
ankitanjaria@gmail.com