Income tax chargability
This query is : Resolved
04 September 2016
Sir suppose Mr X sells his land for Rs 50 lakhs . He will pay all the capital gains tax on the sale proceeds and remits the balance amount to his son's account. Now, is the son liable to pay tax on what he recieved as balance amount or is it tax free ?
04 September 2016
In this case the amount invested into the bank account is tax free. But if the son is minor and the interest income received from the investment I'd taxable in hands of parent whose income is more other than the investment income of the minor child
Rs 1500/- is deductible per child
Hope it is clear
Rs 1500/- is deductible per child
Hope it is clear
Message likes :
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04 September 2016
Sir what if the amount is not invested , but gifted to the son ? Is it taxable ?
04 September 2016
Gift to relatives not taxable.so not taxable
04 September 2016
The problem is if it is a minor child.it would be difficult to explain to income tax authority.
Kindly discuss with a professional in your area
Kindly discuss with a professional in your area
04 September 2016
You are most welcome
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