Flat gift deed to father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2014
I am located in Bangalore, i bough a flat and want to gift it to my father.
Is it tax free ? if not then how much tax need to paid?
In case I stay in same property then Can I claim HRA benefit to save tax after gift to father?
Is it tax free ? if not then how much tax need to paid?
In case I stay in same property then Can I claim HRA benefit to save tax after gift to father?
27 June 2014
The gift will be tax free in the hands of your father. Since the property will be in the name of your father you can claim HRA Benifit.
Nikhil Kaushik
(Expert)
27 June 2014
but remember that as and when the property is sold, you shall be liable for capital gains.
Rupesh Jain
(Expert)
27 June 2014
you can gift to your father then no tax will paid by him or your father . and HRA can claim if property tfr in your father name.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- GSTR9 Annual Return
- Gift to nri relatives resides in usa
- Applicability of tax on invoice
- Capital Gains Tax on Inherited Mutual Fund
- LLP audit and disclosure
- GST ITC as per notification 12/2023- central tax
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
