Gift to wife-taxation aspects

This query is : Open

anant (Querist)
Follow

18 December 2013 Respected Sirs,
I transferred 8 lakhs to my wife's bank a/c with intention to purchase a plot of land in her name by utilizing the transferred money . Thereafter , a plot of agricultural land has been purchased vode a registered sale deed in my wife's name by utilizing that transferred money . Now my confusions/queries are as follows;
1) What have I gifted to my wife in the eyes of income tax laws -the money(8 lakhs) or the agricultural plot?
2)How to show (documentation) that the same was gifted?
3)Will the income be clubbed with my income??!!
4)How will agricultural rent be treated?who will show it in returns?
5)If the agricultural land is sold whose capital gains will it be.mine or wife's?

reply soon thanks

CA Manish Khanna

CA Manish Khanna (Expert)
Follow

18 December 2013 You have gifted the land. Incom arising therefrom will be taxed in your hand. Thus agricultural income will be included in your income for rate purpose.

anant

anant (Querist)
Follow

19 December 2013 Dear Sir,
One last clarification regarding my query.
Who will be liable to pay the capital gains tax arising from sale of gifted property- Donor or done.
Thanks in advance

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Ishwar Radhakisan Tawani

Lalan Kumar Jha

Kalyan Guha

Rajat Khandelwal

Sanoj T

Subscribe Now

Gift to wife-taxation aspects

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

CA Final

GST CONSULTANCY

Article Assistant

GST CONSULTANT

Accountant