Sale deed instead of gift deed

Querist : Anonymous (Querist) 23 June 2011 This query is : Resolved
Sir, The father get transferred his house to his son by way of “sale deed” instead of “Gift deed” . In sale deed the consideration amount mentioned is about one crore which was calculated as per circle rate of that area but no such transaction done between father and son. Now my question is:- whether someone (such as Income Tax Deptt. etc ) can question the son that from where you get this one crore.

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R.Ramachandran (Expert) 23 June 2011
Obviously. The income tax department will question the son about the source of his income.
Similarly, the father will have to pay Capital Gains tax on the gains that he made in selling the property.

Guest (Expert) 23 June 2011
yes clear cut answer i agree the same.

abhishek (Expert) 23 June 2011
yes, i also agreed with the opinion of experts and the sale deed can also get challenged on grounds of lack of consideration by other heirs

prabhakar singh (Expert) 23 June 2011
i agree with the opinion of mr.R.Ramachandran .
and if some one shows it can fall as void for want of
consideration.

Kirti Kar Tripathi (Expert) 24 June 2011
If is sale transaction under the law, The Income Tax Department has full right to ask the source of income.

Querist : Anonymous (Querist) 24 June 2011
Thanks to all.

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