Hello Friends,
One of my clint wants to purchase immovable property in the name of his son, so whether he can do so and what are the taxation implications in the hands of both the assessee (father and son).
Deepak Patel (CA Final) (136 Points)
02 December 2015Hello Friends,
One of my clint wants to purchase immovable property in the name of his son, so whether he can do so and what are the taxation implications in the hands of both the assessee (father and son).
RAHUL
(Student CA Final )
(377 Points)
Replied 03 December 2015
I don't think that there will be any tax implication on Purchasing of the Immovable Property. the implication arises only when you are selling. And then, the father will be liable for capital gains, assuming the son is dependent.
Deepak Patel
(CA Final)
(136 Points)
Replied 03 December 2015
what abt income earned from renting of property. whether liable in the hands of father or son.
RAHUL
(Student CA Final )
(377 Points)
Replied 03 December 2015
If son is dependent, then father. (Clubbing of Income)
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