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?
Only Mr. A is liable to pay capital gain tax.
| Originally posted by : kamal kishor sen | ||
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Only Mr. A is liable to pay capital gain tax. |
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mr A capital gains tax
mr B no CG tax
| Originally posted by : Roopali Kadam | ||
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mr A capital gains tax mr B no CG tax |
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Correct . Mr.A also get exemtion u/s 54
thanks to all, Can Mr. A save your capital gain.?
likwise i said he can u/s 54
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.
| Originally posted by : CA Saiyum khan | ||
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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. |
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AGRRED.
| Originally posted by : Pushkar Singh Rawat | ||
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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? |
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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.
| Originally posted by : U S Sharma | ||
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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. |
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Yeah thats true. It can be planned to save CG tax.
Yes, Mr A is liable to pay Capital Gain Tax
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.
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