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
06 August 2010
no
Message likes :
1 times
06 August 2010
gift to any relatives is not taxable. n ur wife is in category of relative
Message likes :
1 times
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!!!
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!!!
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- LIC maturity claim whether taxable
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TDS AND ITR ISSUE
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
