Filing of Tax Return by power of attorney holder as assesee upon receipt of sale proceeds transferre

Hi

Please mention as to whether the daughter was a minor at the time of sale of property.

Hi sir

Please provide the details about ur daughter whether she is minor.

To consult you properly i need to see all the document, kingly contact me for further assistance.

Thanks & regards

CA Poorvi Jain

Practice  in Vadodara & Madhya pradesh

Assuming your daughter is a minor such income of her shall be clubbed in the return of income of the parent whose income is more.

Exemption u/s 54EC can be claimed in minor's name.

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Thank you.

If she is the one earning more then she can invest in bonds u/s 54EC and claim exemption.

Being power of attorney for selling the property and income tax provisions on clubbing are different and needs to be treated differently.

Dear Sir,

Hope you are doing well !!

1. Yes, mother can file ITR and pay tax provided the daughter was a minor at the time of sale of property.

2. Yes.

3.Please take a phone consultation for detailed discussion.

We may assist you in entire procedure.

If your daughter is a major, capital gains shall be chargeable to tax to your daughter only.

However, if she is a minor, the capital gains shall be clubbed in the hands of mother or father who is having a higher income. Considering your facts, since your wife is a first time filer, she won't be having income more than you.

Hence, capital gains would be clubbed with your income.

Capital gain exemption can be claimed by investment in section 54 EC eligible bonds.

We may discuss the issues further.

Hello,

Whether your daughter was a minor at the time of sale of the property. If she was a minor, then the capital gain on sale of such property would be added to the income of the parent earning higher.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Only the net income after the eligible exemption is to be clubbed in the hands of the parent earning higher.

considering ur daughter is minor than as per IT act her income will be clubbed in the hands of father because as ur wife haven't  file any IT return yet. So considering your income is higher then ur wife then the sale proceed will be taxed in ur hands.

Yes u can get capital gain exemption through investment in Bonds mentioned in Section 54EC.

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