Tax liability on sale of propery

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dheeraj kumar (Querist)
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31 October 2012 My uncle has sold property for Rs. 50 lacs and has given the amount to his son and who has invested the same in purchase of house in his name

whether my uncle is liable to pay tax on sale of property

had the situation been different if my uncle had invested the proceeds in his name.

pLEASE provide exact laws for the same

Thanks
Dheeraj kUMAR

Sunny Sonwal

Sunny Sonwal (Expert)
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31 October 2012 Yes, your uncle is liable to pay capital gain tax.

And he can not claim for exemption under section 54 or 54F.

But it coulb be possible when your uncle's son would have dependent on your uncle whether property was purchased in the name of uncle's son.

dheeraj kumar

dheeraj kumar (Querist)
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31 October 2012 i did not understand the last line

please clarify in more simple manner

what are the circumstances in which he can save tax liability even by purchasing
property in the name of sons

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