Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2013 if any person gives his property to his wife as a gift then rental income of that property is taxable in who,s hand

Rakesh Jain

Rakesh Jain (Expert)
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13 April 2013 This is a fictitous transfer in terms of income tax. You can gift house to your wife but can not give rent on the same or even if you give it will have no effect.

Anand

Anand (Expert)
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15 April 2013 Rental income will be taxed in the hands of the wife.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 June 2013 I do not agree with Both the experts as they have not considered the provisions of Section 64. Gift from Husband to wife or wife to husband is not totally exempted as the gift exceeds more than Rs. 50,000/- then the income arising out of the property transferred without any consideration shall be assessed and taxed in the person who is giving gift.

So, kindly do not commit this mistake as provisions of section 64 are still there in the act.