Income tax implications on the amount invested in flat
15-Dec-2023 (In Property Law)
We belongs to sikh religion. My father sold the property in Delhi for 70 lakhs. He is a business man. he don't want to show this money in his income. I am a salaried person. he wants to give me the money to buy a flat. The question is--- if he will give me that money, we have to pay the income tax as that amount will add in our income, or he will bear the income tax . Can you suggest how he can give that money to us?
This querry relates to taxation. When the amount that your father got after selling the property is transferred to your account it comes within the purview of family settlement which is permissible. As far as taxation is concerned Capital Gain Tax is applicable as well. And income tax depending on the year of sale and purchase will have to be paid by your father and not you.
If u sell any immovable property u have to give capital gain tax on that property, there r two types of capital gain tax, one is short term capital gain tax i.e 30 percent n the other is long term capital gain tax i.e 30 percent, to evade this tax it is always advisable to invest the amount which u have received by selling of the property in buying in some other residential property, I would suggest u that this income from property shall be beared by ur father only since the property sold by ur fathee belonged to him only.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
- Varisan certificate process and fees and from where it is applied
- Legal Documentation for Claiming Ancestral Property Share Without Disp
- Agriculture land and house property are two separate entities or singl
- Grandfathers property sold out by the grand daughters.
- Gift deed from mother to son but paid in cash the property value
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."