Gift act
This query is : Resolved
07 June 2012
If a person (male) receives a house which is in the name of his mother and sister after making gift deed... then what are the consequences under income tax act on him. Is gift deed beneficial for him?
Amol S Joglekar
(Expert)
07 June 2012
Beneficial from which sense? The very fact that he has received a GIFT is BENEFICIAL. Income Tax has very little role to play in this. Are you sensing some difficulty in sec 64?
07 June 2012
Actually i want to ask related to tax means whether he will b liable to pay any kind of tax under Income tax act??
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
07 June 2012
Actually i want to ask related to tax means whether he will b liable to pay any kind of tax under Income tax act??
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
07 June 2012
The gift is exempt in the hands of the individual becuase it has been received from relatives. there is no tax liability in the hands of the receiver.
07 June 2012
You are welcome. you should use the thanks button to convey your thanks.
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