Tax liabilty

POSTED BY Deepak Sabharwal ON October 13, 2012 11:47 am ONE COMMENT

Hi,

Regarding my question, I have gone through your earlier comments on the same topic. Still i have a small doubt regarding the same. Kindly clarify.

If i receive a gift cheque from my mother, which she has given to me by selling a property and inturn even I had purchased a property from that amount on my name.

My ques. is –

1. Does anyone of us i.e my mother or I, have any tax Liabilty due to selling of that property?

2. As my mother is non tax payer, does she has any implications on selling the property and gifting the amount to her son.?

Kindly help on the same.

Regards,

Deepak Sabharwal

 

 

 

One reply on this article “Tax liabilty”

  1. As she has sold the property , I think she has to pay the tax, she cant just pass it on to you and you can buy the property and claim that no tax is to be paid .

    The better thing to do was that your mother would have bought the new property in her name and then transferred it to your name . That was a much cleaner solution to this .

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