Hi,
I am NRI and holds NRI bank account in India. I recently bought land paying cash and check. I got the land registered in my father name. My father is retired and doesn't have any income except for interest from bank account (which is less than the limit).
Please inform me what is the tax liability for me and my father & if any how can I avoid it.
Thanks
Asked on 3/28/10, 8:36 am
1 Answer from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
this transaction falls under benami and prohibited by law. your father is liable to pay tax on the entire consideration amount.
Answered on 3/28/10, 9:47 pm
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