Gift deed_registration date

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This discussion clarifies the tax implications of a gift deed for immovable property. Although the deed was made in January 2024, it was registered in April 2024. The key question is whether rental income from January to March 2024 is taxable for the father (gift giver) or the son (gift receiver). The advice suggests that if possession was transferred on the signing date, that date should be considered the transfer date for tax purposes.

Dipen

Dipen (Querist)
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31 March 2025 Dear Experts,

Gift deed of immovable property was made in FY 2023-24 (Jan 2024) from father to son. However the same was registered in FY 2024-25 (April 2024). Property was commercial property and yielding rental income.

So rental income from Jan 2024 (i.e period from which gift deed was made) will be taxable in hands of father (gift giver) or son (gift receiver)? Period in doubt : Jan 2024 to March 2024

Pls advice

Regards,