Capital gain tax

Querist : Anonymous (Querist) 12 September 2018 This query is : Resolved
Sir / Madam,
My father-in-law aged 83, has sold a property for 45 lacs. He has divided this amount equally and gifted this to his two sons equally. Both his sons have purchased their own individual residential properties. Is my father-in-law liable to pay any tax for the amount received. He has given both the sons 22.5 lacs each by cheque through gift deed. Please guide.

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Guest (Expert) 12 September 2018
Yes, your father in law is liable to pay tax on capital gains, as prescribed, irrespective of mode of disposal of the amount of sale proceeds.