Hi all,
Is following income are included in in taxable income of Mr Amarnath?
Mr amarnath wife receive a house property gift from her father after her marriage .Is it taxable in hand of her husband Mr Amarnath
Mr Amarnath`s son(who is major) receive gift from his father whwn he is the minor.Is it included in taxable salary of his father.
Mr Amarnath has minor daughter who has received house property as gift from her grandfather.Is it included in taxable salary of her father.
Gifts received from relatives are exempted from tax implications. so in you case no tax is applicable.
If there is any income that is deriving from such gifted property
1. the income derived from such property is taxable in her hands only if the gift deed is registered
2. as he is major, now the income derived from such gifted property is taxable in his hands only
3. As she is minor the income derived from such gifted property should be clubbed with the parent who is having more income.
conditions.
1. gift deed should be registered
if you have any doubts feel free to ask
| Originally posted by : kavitha | ||
 |
Gifts received from relatives are exempted from tax implications. so in you case no tax is applicable. If there is any income that is deriving from such gifted property 1. the income derived from such property is taxable in her hands only if the gift deed is registered 2. as he is major, now the income derived from such gifted property is taxable in his hands only 3. As she is minor the income derived from such gifted property should be clubbed with the parent who is having more income. conditions. 1. gift deed should be registered if you have any doubts feel free to ask |
 |
AGREED.
CAclubindia
