LTCG

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??!

Replies (3)

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.

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

Thank you all,

 

What is the tax implication on father in this regard?

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