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).
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Gifting immovable property
Replies (3)
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.
what abt income earned from renting of property. whether liable in the hands of father or son.
If son is dependent, then father. (Clubbing of Income)
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