Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2012
DEAR SIR
INDIVIDUAL WANTS TO GIFT AN IMMOVABLE PROPERTY TO HIS RELATIVES AND AFTER SOME YEAR HE RECEIVED BACK SAME PROPERTY FORM HIS RELATIVE AS GIFT. IS TI POSSIBLE WITHOUT ANY TAX LIABILITY EXCEPT STAMP DUTY ON GIFT
INDIVIDUAL WANTS TO GIFT AN IMMOVABLE PROPERTY TO HIS RELATIVES AND AFTER SOME YEAR HE RECEIVED BACK SAME PROPERTY FORM HIS RELATIVE AS GIFT. IS TI POSSIBLE WITHOUT ANY TAX LIABILITY EXCEPT STAMP DUTY ON GIFT
16 October 2012
1. Gifts are exempt u/s 47. Accordingly there will be no tax liability on the assessee when he gifts the property.
Further, if the recipient is a relative, then there is no tax implication in the hands of the recipient.
2. When the recipient gifts the property back to the assessee there will be no tax implication either in the hands of the assessee or the relative.
Further, if the recipient is a relative, then there is no tax implication in the hands of the recipient.
2. When the recipient gifts the property back to the assessee there will be no tax implication either in the hands of the assessee or the relative.
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