Gift to daughter from father exempt ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2012
Assests created from these funds is houseproperty any rights of father or brothers in future? any tax liabilty for donor or donee arises from this transction?
04 June 2012
I suppose the father gifted CASH to his daughter who then purchased a house property from such cash.
The tax implication shall be as under:
1. The gift received by the daughter is NOT TAXABLE in her hands by virtue of Section 56(2)(vii).
2. If at the time of making the gift, the daughter was a minor, then income from such gift shall be clubbed in the hands of the father.
3. If the daughter was a minor at the time of gift, then there will be NO CLUBBING.
4. The father and the brothers DO NOT HAVE ANY RIGHT in the house property purchased by the daughter.
The tax implication shall be as under:
1. The gift received by the daughter is NOT TAXABLE in her hands by virtue of Section 56(2)(vii).
2. If at the time of making the gift, the daughter was a minor, then income from such gift shall be clubbed in the hands of the father.
3. If the daughter was a minor at the time of gift, then there will be NO CLUBBING.
4. The father and the brothers DO NOT HAVE ANY RIGHT in the house property purchased by the daughter.
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