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Income tax
Dear all practitioner
My father has one house which is sold by him and transfer the said amount to my mom and then my mom purchased house property in the same financial year and sold out the same after 2 months of rs .4lakh profit
can you kindly tell me accountability of that income.
Replies (2)
Your father is liable for capital gains tax, short or long term depending upon period of holding the old property being sold.
Your mom liable for short term capital gains tax over Rs. 4 lakhs.
your father can claim 54F deduction if the property is of long-term capital asset and at the time of purchase of new house, your father should not the owner more than one house except the new house. however the holding period for the new house is 3 years but your mother sold that house before that. hence the entire sales consideration will be charged to capital gains and no credit for cost of acquisition will be given
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