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
Sandeep Dharar
(Expert)
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.
CA Gopal Somani
(Expert)
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
- Nursery business
- Tax on Amount transferred in HUF Account
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Intimation under section 245
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
