house property
This query is : Resolved
shuja khan
(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.
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
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
Peter,A.Matthai
(Expert)
17 December 2009
dear sir,
query is already answered
query is already answered
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