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
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
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.
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 ?
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.
Accordingly, the rental income shall be taxable in the hands of the mother-in-law.
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
