Gift
This query is : Resolved
27 August 2013
Hello Sir
My question is regarding gift of immovable commercial property (>50000). Can assessee gift property to her husbands-brother's spouce. Does this relation comes under relative as per income tax. And if it does then what are the latter formalities.
Thanku
My question is regarding gift of immovable commercial property (>50000). Can assessee gift property to her husbands-brother's spouce. Does this relation comes under relative as per income tax. And if it does then what are the latter formalities.
Thanku
29 August 2013
Brother of husband is covered in the clause brother or sister of the spouse of the individual.
Accordingly gift can be made by an individual to the brother of the husband.
Such gift will NOT be taxable in the hands of the brother of the husband by virtue of Section 56(2)(vii).
Accordingly gift can be made by an individual to the brother of the husband.
Such gift will NOT be taxable in the hands of the brother of the husband by virtue of Section 56(2)(vii).
04 September 2013
But Sir my question is that can it be transfered to spouce of brother of husband aas brother of husband have expired
11 October 2013
Wife of husband's brother is also a relative as per Section 56(2)(vii) and accordingly property can be transferred without any tax implications.
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