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Property indirectly handover to me , how to justify it

erdeep (engineer) (309 Points)

31 August 2014

my father in law gifted me a land in a urban area . at that time he had not given to me any written statement for that . he purchased that property directly for me . please tell me is it taxable to hold it ? how can i proov that property i have is gifted by my father in law . now he is no more.

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CS Advocate Abhishek Goyal (M Com FCS LLB M-AIMA ) (13531 Points)
Replied 05 September 2014

There is no tax implications for holding the property as gift received from relatives is exempt. However if you sell this property later capital gains will accrue to you.

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erdeep (engineer) (309 Points)
Replied 05 September 2014

Originally posted by : abhishek goyal
	There is no tax implications for holding the property as gift received from relatives is exempt. However if you sell this property later capital gains will accrue to you.

ok sir . but i have no written letter or note to proove that that property gifted by father in law . only my family member know it . he gifted me 20 years ago but he purchased that property directly in my name . this is the problem . should i prepare a note on stamp in which my family members and all my brother in laws are agreeing and not having problem and signature in that . so that in future there will be no dispute among us and i will not have to worry about how did i purchased that property so that i will not have to show proof to income tax because it actually handover by my father in laws. help me sir

erdeep (engineer) (309 Points)
Replied 06 September 2014

ok sir . but my father purchased property in my wife's name for her better future but did not give any note or written statement which will support her that this property was purchased by her father to make her financially strong in future . now IT department thinks this property was purchased by me but it was not . the sadest part of whole story is that now my father is no more . now how can i proof that i were not involve in dealing . it was purchased by my father and he used my wife's name while purchasing . help me sir