Gifted property- taxability
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2017
sir,
I donated flat as gift( flat- house at hyderabad) to my sister( married). My question is at what value the asset is to be shown in income tax returns of my sister. As per Gift deed registered the value is Rs. 5,00,000.
I donated flat as gift( flat- house at hyderabad) to my sister( married). My question is at what value the asset is to be shown in income tax returns of my sister. As per Gift deed registered the value is Rs. 5,00,000.
21 January 2017
In my opinion gifted asset has to be shown at registered value in the assets of sister. If she sells this gifted asset than for the purpose of capital gains calculation in her hands cost to the previous owner who has acquired it by way of other than gift, will etc will be taken into account.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2017
Thanks for reply sir
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