Hi,
My parents sold their property and the money received was split among parents and children. As a son, I received some amount. Is there any tax liability on this amount that I received ? If yes, how much (I am already in highest tax bracket) ?
Fine (Line Manager) 28 February 2012
Hi,
My parents sold their property and the money received was split among parents and children. As a son, I received some amount. Is there any tax liability on this amount that I received ? If yes, how much (I am already in highest tax bracket) ?
Raj Kumar Makkad (Adv P & H High Court Chandigarh) 28 February 2012
There is no tax liability in the given case.
C. P. CHUGH (Practicing Lawyer) 29 February 2012
While disposing their Property, your parents were required to discharge their tax laibility arising out of sale of immovable property by them. Hope they have discharged their laibility. Post their discharge any amount paid by them to their children is not taxable in the hands of children.
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