Gift - Reporting in ITR and Capital Gains Tax implications for Donor and Donee

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ITRFiler (Querist)
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24 June 2024 I am an OCI (non resident Indian). My father (a Resident Indian) gifted me his share in a property in India through a registered gift deed in January 2024 and we paid stamp duty on it. This gift transaction is now showing in both his and my Annual Information Statement (AIS) for FY2023-24.
Questions:
1. Does my father need to report this gift in his ITR2? If so, where is it to be reported?
2. Since this is a gift from a close relative - father to son, my understanding is there is no gift tax implications for either my father or me. Is my understanding correct?
3. Are there any capital gains tax implications for my father? Does he need to pay capital gains tax on it ? He purchased the property in 2012 and gifted to me in January 2024 for no consideration..
4. Do I need to report this gift in my ITR? If so, where is it to be reported?
5. I typically do not file tax returns in India since my India income is below the threshold. Do I need to file an ITR this year only because of this gift transaction?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 June 2024 1 No need.
2 your understanding is right.
3 No capital gains tax on your father.
4 No need for reporting.
5 No need to file ITR in such a case.

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