Gift and capital gains
This query is : Resolved
14 March 2017
When a person gifts a house to major son how is the house shown in the donor s income tax return
TIA
TIA
14 March 2017
Property is not required to be shown in the ITR. It is only shown in balance sheet or statement of affairs which is not filed with ITR. Gift of house to son will be shown in the balance sheet of son as an asset and amount of house will be deducted from capital account of donee as such gift will reduce the capital of donee to that extent.
14 March 2017
Thank sir
And rent received from the same should be shown as son s income or clubbed in the hands of donor
And rent received from the same should be shown as son s income or clubbed in the hands of donor
14 March 2017
As the ownership is transferred to the son, hence the income generated is also taxable in the hands of son.
14 March 2017
It is shown in the hands of donee only as there is no clubbing of income when father gifts to his son. and the son is major also.
14 March 2017
Agree with above views.
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
