TAX IMPLICATION ON SELLING PROPERTY RECEIVED BY GIFT FROM FAMILY MEMBER

Third option.

@ iam God

in balance sheet under sundry creditors account there is a two sides debit side and credit side if I made a payment completely to my sundry creditor means it will be shown on which side debit or credit


2. if I wants to payable means it will be shown on which side debit or credit

please I need more clarification,too many people's confusing me

Amit ji

Pls refer section 64(1)(iv)

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants

CA Raj dhosi sir I have doubt

Thanks for reply.

1. since the asset is property , means the receiver of gift has tax liability

2. but the section is for husband and wife. what is the gift is between mother - son 

1. Asset be it money or property, in case of gift between specified relatives, the transfer is taxfree.

2. Husband is gifting 90% to wife in your question sir. so clubbing applicable at the time of sale of property. Capital gains will be taxable in the hands of son even when the legal owners are son and daughter in law.

mother to son transfer - is taxfree

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai