POSTED BY October 13, 2012 11:47 am ONE COMMENTON
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.