Implication of Gift tax - urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2010 If a person owns two house property in his name & now he wants to transfer one property in the name of his wife by way of gift just to avoid the levy of wealth tax. Will gift tax be applicable on him? If yes, is there any other way of tax planning? Please reply me urgently

CA Sanat Pyne

CA Sanat Pyne (Expert)
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06 August 2010 no

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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06 August 2010 gift to any relatives is not taxable. n ur wife is in category of relative

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CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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06 August 2010 This asset will be taxable in the hands of Husband under section 4 of deemed assets of Wealth Tax Act'1957.

Please read following for this(extracted from wealth tax act'1957)

Assets transferred by one spouse to another - The asset is transferred by an individual after March 31, 1956 to his or her spouse, directly or indirectly, without adequate consideration or not in connection with an agreement to live apart will be ‘deemed asset’ [Section 4(1)(a)(i)]

So, If you transferred this asset with adequate consideration recived from spouse then the same will not be taxable in the hands of Husband, otherwise no choice...

Regards!!!

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