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Gift tax

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(Querist)
26 April 2014 1.a person received a property from his mother by way of gift deed. is this gift is tax free.
2.he earned rent from the said property. is income from rent receiced will be added in his mother' income.
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V Uday Kiran

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V Uday Kiran (Expert)
26 April 2014 hello harinder ,

any property received from a relative in the form of gift is absolutely tax free ... In this case Mother is included in the defination and the entire property is tax free... there are many sections under income tax act which govern the term Relation ... but in this context please go through Sec 2(41)

the answer to your second question is that the rent derived from the property is not included in in his mothers income and is treated as his income and charged under the head income from house property...
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
27 April 2014 Uday, you are again misplacing reliance on section 2(41). For gifts appropriate section is 56(2).

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V Uday Kiran

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V Uday Kiran (Expert)
28 April 2014 Thanks nikhil ... got it ... sorry for my ignorance ...
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