Income tax related

This query is : Resolved

raj kumar (Querist)
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14 December 2011 Mr. A paid Rs. 2500000/- towards purchase of residential land in the name of his father from Mr. B (the owner of land).
What will be tax Implication in regards to
a)Mr. A
b)Father of Mr. A

CA. RAVIKUMAR

CA. RAVIKUMAR (Expert)
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15 December 2011 Hi Raj kumar,.

For Mr A No tax implication.

For Father of Mr.A It is treated as gift from relative hence exempt from tax,
and Income from House property is taxable in the hands of Father of Mr.A

Regards,
Ravikumar