Gift act

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shweta (Querist)
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07 June 2012 If a person (male) receives a house which is in the name of his mother and sister after making gift deed... then what are the consequences under income tax act on him. Is gift deed beneficial for him?

Amol S Joglekar

Amol S Joglekar (Expert)
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07 June 2012 Beneficial from which sense? The very fact that he has received a GIFT is BENEFICIAL. Income Tax has very little role to play in this. Are you sensing some difficulty in sec 64?

shweta

shweta (Querist)
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07 June 2012 Actually i want to ask related to tax means whether he will b liable to pay any kind of tax under Income tax act??
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".

shweta

shweta (Querist)
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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 June 2012 The gift is exempt in the hands of the individual becuase it has been received from relatives. there is no tax liability in the hands of the receiver.

shweta

shweta (Querist)
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07 June 2012 ok.... thanks a lot...

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 June 2012 You are welcome. you should use the thanks button to convey your thanks.

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