Pushkar Singh Rawat (CA Final) (54 Points)
04 July 2011Mr. A (Assessee) own a house property purchased in 2002 & transfer it in F.Y 2011-12. Mr. A gifted the sale consideratons to his son Mr B . Mr. B used sale considerations for purchased of House property in his name.
What is capital gain implications in hands of Mr. & Mr. B?
kamal kishor sen
(STUDENT Rajasthan)
(2156 Points)
Replied 04 July 2011
Only Mr. A is liable to pay capital gain tax.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 04 July 2011
| Originally posted by : kamal kishor sen | ||
 |
Only Mr. A is liable to pay capital gain tax. |
 |
CA. Roopali Kadam
(Jobs on assignment basis.)
(1458 Points)
Replied 04 July 2011
mr A capital gains tax
mr B no CG tax
Paras
(Mcom,CA Final)
(122 Points)
Replied 04 July 2011
| Originally posted by : Roopali Kadam | ||
|
|
mr A capital gains tax mr B no CG tax |
|
Correct . Mr.A also get exemtion u/s 54
Pushkar Singh Rawat
(CA Final)
(54 Points)
Replied 04 July 2011
thanks to all, Can Mr. A save your capital gain.?
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 04 July 2011
In my view the benefit of section 54 would not be available to Mr. A. As the sale consideration has been gifted to son Mr. B who has invested in the house property.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 04 July 2011
| Originally posted by : CA Saiyum khan | ||
|
|
In my view the benefit of section 54 would not be available to Mr. A. As the sale consideration has been gifted to son Mr. B who has invested in the house property. |
|
AGRRED.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 04 July 2011
| Originally posted by : Pushkar Singh Rawat | ||
|
|
Mr. A (Assessee) own a house property purchased in 2002 & transfer it in F.Y 2011-12. Mr. A gifted the sale consideratons to his son Mr B . Mr. B used sale considerations for purchased of House property in his name. What is capital gain implications in hands of Mr. & Mr. B? |
|
in place of gifting cash/bank transfer to son, he can opt to pay the builder/propery seller, instrument may be executed in name of son, then Mr A would get full benefit of sec 54.
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 04 July 2011
| Originally posted by : U S Sharma | ||
|
|
Originally posted by : Pushkar Singh Rawat Mr. A (Assessee) own a house property purchased in 2002 & transfer it in F.Y 2011-12. Mr. A gifted the sale consideratons to his son Mr B . Mr. B used sale considerations for purchased of House property in his name. What is capital gain implications in hands of Mr. & Mr. B? in place of gifting cash/bank transfer to son, he can opt to pay the builder/propery seller, instrument may be executed in name of son, then Mr A would get full benefit of sec 54. |
|
Yeah thats true. It can be planned to save CG tax.
RITIKA KUMAR
(CA Article)
(55 Points)
Replied 05 July 2011
Yes, Mr A is liable to pay Capital Gain Tax
Atul Anurag
(Asst. Manager F&A)
(24 Points)
Replied 05 July 2011
In my view the benefit to avail exemption could only be available to that person who is getting sale consideration and investing the same for repurchasing or constructing the house property.
Here Mr. A is getting sale consideation but not invested and given the same to Mr. B.
thus no exemption available to Mr. A Under Capital gain.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
