11 September 2010
I had accumulated some cash of approx 5 lacs thru sale of my household assets, Car and also from sale of property. I gave the same to my sister and took cheque from her.
Pls advise tax implications for me in case of my return coming under scrutiny.
11 September 2010
Dear Sir, There is no tax payment liability on those assets which are used by you for your PERSONAL PURPOSE and they are also MOVABLE.
But, as you also sold your property then on this and if you also sold any jewellery, work art, paintings, sculptures, antique pieces then on these items you would have to pay income tax under Capital Gain.
CAclubindia
