Gift property to daughter in law. clubbing provision apply?
This query is : Resolved
NIKHIL MAHINDROO
(Querist)
31 May 2017
An ancestral property at Delhi is being gifted by owner to daughter in law - registration will be done by paying stamp duty on circle value. She may then sell it at a higher value and offset the capital gain by investing in other property. In such a scenario will the amount (income) earned, by daughter in law, be included in owner's income? i.e. Will clubbing of income provisions apply for the owner. If yes who and how can we save capital gain.
CA Rashmi Gandhi
(Expert)
31 May 2017
Yes clubbing prov apply .
No income generated from such transaction because amt is invested in new property. So no question arise of tax saving.
NIKHIL MAHINDROO
(Querist)
01 June 2017
Thank you. Wen you say clubbing prov is applicable then will income get clubbed for owner for taxation purpose.
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