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Q. > Please Help: Income Tax Capital Gain
My Self Saurabh Gupta I Purchased a Land in the name of my father and after 6 years i sale this land and sale money deposited in my bank account before selling the land i got power of attorney to sale the land from my father .
kindly told me capital gain is taxable in my hand or my father and what is the consequences of this transaction.
answered Jan 02, 2019 by AKANKSHA , North West Delhi
Dear Saurabh
1. Sale proceeds from Land shall be taxable in the hands of your father as he is the registered owner and by executing POA you are only authorized to act on his behalf.
2. As you have deposited the amount in your bank same can be treated as gift from your father and thus not taxable in your hands.
3. These Sale proceeds are taxable under head Capital gains and in your case the gain shall be long Term Capital Gain.
4 Also applicability of advance tax may also arise.
Experts Panelist
Comments
YUGENDRA NAGPURE
25-Dec-2018 , 02:54:43 pmUr father executed the power of attorney in favor of the U. Ur Father has not transferred the ownership of the land in favor of the U. Hon’ble Supreme Court in the case of Suraj Lamp and Industries (P.) Ltd. v. State of Haryana [2012] 340 ITR 1 , has held that:- A power of attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property. The power of attorney is creation of an agency whereby the grantor authorizes the grantee to do the acts specified therein, on behalf of grantor, which when executed will be binding on the grantor as if done by him (see section 1A and section 2 of the Powers of Attorney Act, 1882). It is revocable or terminable at any time unless it is made irrevocable ina manner known to law. Even an irrevocable attorney does not have the effect of transferring title to the grantee…â€. Hence Capital Gain is taxable in your Fathers Hand.