Immovable property
This query is : Resolved
Ritesh.D.jain
(Querist)
27 June 2009
If a flat is gifted by parents to a son then is there any tax provisions is applicable for them or not.
Ratan Sharma
(Expert)
27 June 2009
Hi Ritesh,
Gift to son is exempt in income tax so also gift in kind is also exempt . No tax implications. In case of any income from such house then it will be added in the income of transferree if the son is minor.
Gift to son is exempt in income tax so also gift in kind is also exempt . No tax implications. In case of any income from such house then it will be added in the income of transferree if the son is minor.
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