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house property

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(Querist)
16 December 2009 ms.x gift a house 2 mr.a with a condition that mr.A will give him rs.24000 p.a through out his life.mr A let taht house for rent of rs.1200/month.wat will b the treatment of rs.24000 for mr.A.
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Peter,A.Matthai

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Peter,A.Matthai (Expert)
17 December 2009 dear sir,
your query is to be clarified on certain points
1.Is Mr.A related to Mr.X - if no relationship the mkt value of gifted property is taxble in the hands of A
2. gifting of immovable property is possible only thru a regd deed - So A becomes the owner of prperty and hence income is assessable as HP income for A
3.here it seems that the donee is paying Rs 24000 pa to donor - meaning that only a part of the property can be said to have been gifted - so it follows that yearly payment is to be taken as part cosideration
4. pls offer this query for further discussion
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Peter,A.Matthai

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Peter,A.Matthai (Expert)
17 December 2009 dear sir,
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