If a father gifts a residential property to a Son and afterwards Son sells the Gifted property and earns CG on that property.
Will son be able to get Sec 54 exemption for purchase or construction of new residential property?.
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 01 February 2021
Yes son can get exemption u/s 54 for gifted property
Teerth Sankhesara
(3 Points)
Replied 01 February 2021
Thanks Sourav.
If a father sells the property and earns CG on that (Assuming there is no new residential property or construction) and distributes the consideration to Sons as a gift.
whether Consideration will be liable to CG tax ? And in whose hands?
My view is father will be liable for CG tax and not the sons . Correct if there is any gap in understanding.
If a father sells the property and earns CG on that (Assuming there is no new residential property or construction) and distributes the consideration to Sons as a gift.
whether Consideration will be liable to CG tax ? And in whose hands?
My view is father will be liable for CG tax and not the sons . Correct if there is any gap in understanding.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 01 February 2021
In that case CG tax will be imposed on the hands of your father
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