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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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