LTCG

Tax queries 465 views 3 replies
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Employee @ GVK Associates
253 Points Joined January 2009

Hi Everyone,


Please let me no Wat is the Tax implication in this situation?

Father gifting a property to avoid tax to his son, Later son solds the property and earns capital gain (say 30lacs), Son has purchased a property of same kind one year before transfer of assest to him from his father, whether son can avail exemption upon LTCG , showing the purchasse of property before one year????

What is the Tax implication on Father upon gifting such property to son? is there any prohibition for gifting? whether gift tax is appilcable? for whom?

 

Please clarify me as soon as possible, if possible let me no Sections for the same??!

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On 21 December 2010 at 17:32 Report
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FCA LL.B. MBA
390 Points Joined October 2009

Gift Tax is not prevailing as on date.

Section 56(2) (v) is not applicable in case of gift to son.

Section 47(iii) gift not regarded as transfer.

Section 49(1) (ii) transfer under gift, then cost of previous owner will be the cost for donee.

Exemption cab be availed by son.

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On 21 December 2010 at 17:51
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CA Final
484 Points Joined February 2010

Son Can Avail Exemption U/s 54 If house property with in the year immediately preceding the transfer such property..

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On 21 December 2010 at 17:55
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Employee @ GVK Associates
253 Points Joined January 2009

Thank you all,

 

What is the tax implication on father in this regard?

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On 21 December 2010 at 18:05


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