Want know the section under which my transation fall down

This query is : Resolved

Jyoti (Querist)
Follow

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 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 October 2019 1 You can take the money.
2 You are the owner of the property so you can receive the money pay capital gains tax on the sale.

Jyoti

Jyoti (Querist)
Follow

03 October 2019 Dear sir ,
According to incometax department ; Under which section this provision is able , kindly tell me ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 October 2019 Refer capital gains provisions of income tax Act.

Jyoti

Jyoti (Querist)
Follow

04 October 2019 Is this transaction under 56(2) (5) ?? ,i got this information during seach on google

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

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.

Jyoti

Jyoti (Querist)
Follow

05 October 2019 Dear sir ,
Is their by indexing capital gain tax is applicable then i pay ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

05 October 2019 Yes indexing capital gains applicable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHYAM SUNDER GULATI

ARUP BHATTACHARYA

Ahamed Kabeer

CA Jyoti Singh

Nayan shetty

Subscribe Now

Want know the section under which my transation fall down

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA