Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2012 mother-in law gift to sister in law a house
rental income from such house Rs.1000000.
gift date is 01.01.2010
pl tell me that rental income clubbed in recepient hand or not

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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23 February 2012 YOUR mother-in-law gifted a house property to YOUR sister-in-law.

If that is the case, then it simply means that an individual has gifted property to her daughter (the relationship of mother-daughter exists).

Now the question is whether the daughter is a minor or major.

If she is a minor and UNMARRIED, then Section 27 shall be attracted and the mother shall be treated as the deemed owner of the house property and rental income shall be taxable in her hands under the head Income from House Property.

If she is a minor and MARRIED, then Section 64(1A) shall apply and the rental income shall be CLUBBED in the hands of the mother.

If she is a major, then Section 27 does not apply. Also clubbing provisions do not apply to such transfer and the rental income shall be taxable in the hands of the daughter.

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2012 if mother in law gifted house property in daughter in law then what treatment is arised ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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23 February 2012 If an individual gifts an asset to his/her son's wife (daughter-in-law), then the income arising from such asset shall be clubbed in the hands of the individual by virtue of Section 64(1).

Accordingly, the rental income shall be taxable in the hands of the mother-in-law.

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