India  |  Tax Law

Legal Question

Asked on: 8/08/09, 11:01 am

A husband bought a piece of land for Rs.20 lacs in 2001 and gifted it to his wife in 2003. Due to property boom, she sold it for Rs.4.53 crores. Whose liability it is to pay income tax? Will it be clubbed with the income of the husband or the wife has to pay capital gains?

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