Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2010
If a person transfer his house in the name of his spouse by way of gift, will gift tax be applicable on him?
Aditya Maheshwari
(Expert)
06 August 2010
No gift tax applicable.
Clubbing provisions will apply u/s 64 and any income received by the spouse will be taxed in the hands of the person giving the gift.
Clubbing provisions will apply u/s 64 and any income received by the spouse will be taxed in the hands of the person giving the gift.
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Murtaza I Bhagat
(Expert)
06 August 2010
agreed,
Aditya Maheshwari
(Expert)
06 August 2010
Do not reply to threads with messages like I agree thanks, etc etc. Instead use the thank user icon just below the profile detail of the user in each post.Try to add value with your each post.
06 August 2010
Agree with Aditya Ji all experts are requested to add value through their each reply.
VINOD ARORA
(Expert)
06 August 2010
Gift tax is history, or rather, was history.Finance Act 1998 had deleted Gift Tax Act w.e.f.1.10.98. Consequently, all gifts made on or after 1.10.98 do not attract any gift tax.
Neither the donor nor the donee would have to pay any gift tax. Finance Act 2004 has revived it partially, but it is in the form of donee-based Income tax instead of Gift Tax.
The clubbing provisions in the Income Tax Act 1961 and Wealth Tax Act, in this respect still continues as the same are not deleted. Therefore, income and wealth from assets transferred directly or indirectly without adequate consideration to minor children, the spouse (otherwise than in connection with an agreement to live apart) or daughter-in-law will continue to be deemed income and wealth of the transferor. Same is the case when assets are held by a person or an Association Of Persons for benefit of assesses, the spouse, daughter-in-law and minor children.
Neither the donor nor the donee would have to pay any gift tax. Finance Act 2004 has revived it partially, but it is in the form of donee-based Income tax instead of Gift Tax.
The clubbing provisions in the Income Tax Act 1961 and Wealth Tax Act, in this respect still continues as the same are not deleted. Therefore, income and wealth from assets transferred directly or indirectly without adequate consideration to minor children, the spouse (otherwise than in connection with an agreement to live apart) or daughter-in-law will continue to be deemed income and wealth of the transferor. Same is the case when assets are held by a person or an Association Of Persons for benefit of assesses, the spouse, daughter-in-law and minor children.
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