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Income tax for settlement deed

This query is : Resolved 
 

(Querist)
19 December 2018

Hi - If I get a non-residential plot from my father through a settlement deed, is there any short term or long term income tax implication?

Thanks,
Partha


kavksatyanarayanaOnline (Expert)
19 December 2018

You have to pay Gift tax. consult local CA.

Kumar Doab (Expert)
19 December 2018

You may also post at LCI groupwebsite CAClubindia

Suhail A.Siddiqui (Expert)
20 December 2018

If it is family sattlement then there's no capital gain tax.

ramaraju ramaiah (Expert)
20 December 2018

if it is family stttelment deed no capital gain tax if it is barter system of settelment it comes under gift. Any how gift made to son is not taxable but source should be proved by father otherwise father will pay income tax under other source of income

Partha (Querist)
21 December 2018

Thanks for the pointers and answers.



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