Capital gain urgent query-Property in wife name

This query is : Resolved 
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This discussion addresses the tax implications of a husband gifting £20 Lakhs to his wife for a property purchase in her name. While the gift itself is tax-exempt for the wife, any income generated from the gifted money or the property will be clubbed with the husband's income. Crucially, the husband is not liable for capital gains tax on this transaction as he did not purchase the property himself; however, the wife's capital gains will be subject to clubbing provisions with the husband's income.

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(Querist)
06 September 2024 A husband wants to gift Rs.20 Lakhs to his wife to purchase a property in its wife's name....what are the tax implications?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 September 2024 No tax implications.
Gift to wife exempt from tax but clubbing provisions applicable on any income from gift.
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CA Parul Saxena

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CA Parul Saxena (Querist)
07 September 2024 I want to ask husband is supposed to pay tax on capital gain?as he has not purchased property from capital gain..
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 September 2024 Capital gains of wife will be clubbed with husband's income.
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