Hi,
My mom had gifted me Rs. 50 Lakhs which she acquired by selling of her flat. Will I have to pay tax on that gift and is mom liable to pay capital gain tax?
A V Vishal (Advocate) 18 July 2012
No tax on gift, tax on capital gains subject to certain conditions, in absence of details cannot advise further
R RAJAGOPALAN (ADVOCATE) 16 August 2012
The 'gift' is not taxable.
Regarding the Capital Gains tax liabilty of your mother, further details of the cost of acquition, year of acquition, date of sale, the sale price etc are required.
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