02 October 2019
Dear Sir/Mam, I am the son of my father . My father purchased a property in november , 2006 and then gifted to me in november , 2016 by transfer deed of the property and recently in september , 2018 i sold this property . My questions are below : 1) who can taken the money of that property my father or I ? 2) If i then under which section of income tax i recieve that money ?
05 October 2019
No it will not fall under the above section. Gift from relatives is exempt from tax. Property in your name you have to pay capital gains tax.
CAclubindia
