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Gift and capital gains

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(Querist)
14 March 2017 When a person gifts a house to major son how is the house shown in the donor s income tax return

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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
14 March 2017 Property is not required to be shown in the ITR. It is only shown in balance sheet or statement of affairs which is not filed with ITR. Gift of house to son will be shown in the balance sheet of son as an asset and amount of house will be deducted from capital account of donee as such gift will reduce the capital of donee to that extent.
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benazir

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benazir (Querist)
14 March 2017 Thank sir
And rent received from the same should be shown as son s income or clubbed in the hands of donor



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Sandeep Dharar

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Sandeep Dharar (Expert)
14 March 2017 As the ownership is transferred to the son, hence the income generated is also taxable in the hands of son.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
14 March 2017 It is shown in the hands of donee only as there is no clubbing of income when father gifts to his son. and the son is major also.
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CA Gopal Somani

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CA Gopal Somani (Expert)
14 March 2017 Agree with above views.

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