Long term capital gain ITS URGENT

This query is : Resolved

CAricha (Querist)
Follow

15 January 2009 Hi all,

Pls help me with the tax treatment of Father and daughter. If the father purchases a land from the account of a minor daughter. Now the father is selling the land and the daughter has become major.
What is the taxablity and what would be the tax planning in this respect other than section 47 of the act.

Pls reply asap to richarsharma@gmail.com

thanks

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

15 January 2009 Account of the minor being maintained by the father himself, The account indirectly belonging to the father as he was deposited the amount on behalf of the daughter.If the father had transfered the land such transfer would fall within the ambit of the transfer.trasfer of capital asset would attract capital gain if the daughter had paid any consideration for the transfer.

CAricha

CAricha (Querist)
Follow

15 January 2009 Thank U Sir,

But Can you please confirm its the father who is to pay tax and daughter who has become major is not liable to tax.

Thanks
Pls help

Upgrade to CAclubindia Pro. Subscribe Now!