Deemed Owner and Rental Income
This query is : Resolved
22 February 2011
Sir,
"If an individual transfers property for inadequate consideration or gifts it to his spouse or a minor child other than a married daughter,he will be treated as deemed owner of that property."
1.But son transfers property for inadequate consideration to his mother, will he be treated as Deemed owner?
2.In that case whose hands rental income of the property taxable?
"If an individual transfers property for inadequate consideration or gifts it to his spouse or a minor child other than a married daughter,he will be treated as deemed owner of that property."
1.But son transfers property for inadequate consideration to his mother, will he be treated as Deemed owner?
2.In that case whose hands rental income of the property taxable?
22 February 2011
it will be considered as gift in the hands of mother.. and as it is received from relative (son) it won't be taxable.
Further rent income therefrom will be taxable in hands of mother.
any other view will be appreciated
Further rent income therefrom will be taxable in hands of mother.
any other view will be appreciated
22 February 2011
If any immovable property received –
(a) without consideration, it is taxable as income from other source, but it excludes from relative.
In our case transfers property for 'inadequate consideration'. section 56(2)(vi) says without consideration.
can you just solve my confustion?
(a) without consideration, it is taxable as income from other source, but it excludes from relative.
In our case transfers property for 'inadequate consideration'. section 56(2)(vi) says without consideration.
can you just solve my confustion?
22 February 2011
If any immovable property received –
(a) without consideration, it is taxable as income from other source, but it excludes from relative.
In our case transfers property for 'inadequate consideration'. section 56(2)(vi) says without consideration.
can you just solve my confustion?
(a) without consideration, it is taxable as income from other source, but it excludes from relative.
In our case transfers property for 'inadequate consideration'. section 56(2)(vi) says without consideration.
can you just solve my confustion?
22 February 2011
Gifts include property recieved for
without/ inadequate consideration, both.
without/ inadequate consideration, both.
Guest
Guest
(Expert)
22 February 2011
Agree with Mr. Puneet but there is no termlogy 'deemed owner of that property'
22 February 2011
The terminology "deemed owner" can be seen very much in section 27 of the IT Act,1961.
Guest
Guest
(Expert)
23 February 2011
But succeeding queries do not relate to Sec. 27.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- TAN for Partnership
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
