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Gift of House Property

This query is : Resolved 
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(Querist)
26 October 2008 Hi Friends....
my query is
1) If i gift a house property to any of my relative, then what will be the treatment for me???
2) What if i gift it to a non-relative individual???
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 October 2008 1.If the property is income generating and if the gift is to the spouse or to son's wife that income will be clubbed in the hands of the transferor.
2.Income will be asessed in the hands of the donee.
3. No gift tax liability.

N.B:-Assumed that the question is related to income tax/gifttax.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
27 October 2008 1) Royl treatment from relative!
2)Non-relative will wonder what has happened to....!
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