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Mother selling property: Income tax implications for me, her son?

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 16, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Sep 10, 2024Hindi

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Hello sir My mother selling a plot (residential land) and going to get amount of 40 laks, she wish to give that money to me (son) . She is a housewife mean not a income tax payer. 1.Did she need to pay tax. If so how much? 2. And if she given to me after paying tax should i also need to pay income tax.

Ans: Your Mother may have to pay short term or long term capital gain tax on the land sale transaction.

The tax will depend on period for which land property was held in her name and cost of (indexed cost if long term)acquisition.

Mother giving cash gift to her son is not taxed but the income you may derive from this lumpsum cash gift is taxable.

For working out detailed modalities of this tax liability please consult a CA/tax advisor.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Asked by Anonymous - Feb 04, 2025Hindi

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Suppose my mother sells a land inherited from her father for say 1 crore and wants to give me 20 or 30 lakhs as a gift, will that sum be taxable? And do my mother need to take the amount in her account before transfering to me or can the buyer directly send that amount in my account. Plus, can the amount received by mother (1 crore) be transfered to capital gains account from saving or shall she receive it by opening the capital gain bank account first.

Ans: Hello;

The proceeds of land sale should be received in your Mother's account first.

She may fulfill any LTCG tax liability arising out of this transaction.

The balance amount she may gift you and you will not have to pay any tax on it since you are blood relatives.

Do seek concurrence with a CA to ascertain the LTCG liability and measures to save it, if any. Also the modality of gift(gift deed) to offspring. NOC from other legal heirs etc.

Best wishes;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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