About income tax provisions

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latika (Querist)
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24 November 2012 hello sir, gud aftrnoon
actually i want to ask a query about income tax provisions about gift. sir, actually my father wants to transfer a property of 100 sq ft as a gift to her sister as he has 2 property one is this and another one is 60 sq ft flr. bt he is not filling his return for 3 yrs.can he do so . is he required to pay tax on that property.
thnx

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 November 2012 Gift is exempt from capital gain. Accordingly, there will be NO capital gain when your father transfers the asset to his daughter. There is NO tax implication in case of gift.

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