My uncle has 3 sons and owns house in his name.He sold the house and distributed the same among his son.what will be the Tax liability of my uncle and his sons .Plz suggest.!
Thanx
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Income tax
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your uncle is liable as short term or long term capital gain on sale of house....
and for distributation of amount of house to his son is call gift from father so that is not liable for any tax because it exampt ( gift from relative so)
But the his sons are recording a receipt of say 10L each so what will be now?
there is no upper limit for gifts received from relatives, so nt taxable in the hands of sons
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