Capital gain in case of sale of house property recd as gift
This query is : Open
09 July 2013
Please Help me out in the case of Sale of a House Property which is recd as a
Gift:
Lets take an example,
Suppose Mr. A is an Individual, and he gifts a House Property to his wife Mrs. A...
Now, Mrs. A sells this House Property to Mr. B above the Cost.. & There arises
Short Term Capital Gain...
Now, This STCG will be taxable in whose Hands???
1.) Mr. A's or
2.) Mrs. A's ????
Gift:
Lets take an example,
Suppose Mr. A is an Individual, and he gifts a House Property to his wife Mrs. A...
Now, Mrs. A sells this House Property to Mr. B above the Cost.. & There arises
Short Term Capital Gain...
Now, This STCG will be taxable in whose Hands???
1.) Mr. A's or
2.) Mrs. A's ????
09 July 2013
sec 27 is applicable alongwith sec 65.
Both are deemed owners.
Both are deemed owners.
Message likes :
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09 July 2013
i) Will be assessed in the hands of husband viz., Mr. A.
Ref:- Section 64(1)(iv) of the Income tax Act,1961.
Ref:- Section 64(1)(iv) of the Income tax Act,1961.
Message likes :
1 times
10 July 2013
Sec 64 doesnt apply to house property given as gift.
11 July 2013
My observation is based on Supreme court decision in the case of Sevantilal Maneklal Sheth Vs. CIT (1968) 68 ITR 503.
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