Income declartion scheme

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Sonali Somani

Sonali Somani (Querist)
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24 September 2016 Is IDS,2016 is applicable to Gifted property??? as it is ot investment.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 September 2016 If the gifted property is from non relative and applicable tax is not paid IDS 2016 is applicable.

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Kaushik Joshi

Kaushik Joshi (Expert)
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24 September 2016 agree with the expert

Sonali Somani

Sonali Somani (Querist)
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24 September 2016 Thank You Sir,

Case is Mr.A(tenant) was leaving from last 50 Years on rent & that property is going to reconstruct
so the person who is going to purchase land & building is given flat to tenant on their (tenant-Mr.A) ownership
Payment transactions are processed from Tenant's Account
So What would be the effecxt of TAX on same??

Is their any provision for Tenant leaving from last 50 years but rent agreement is not executed??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 September 2016 This transaction amount to selling tenancy rights which will be treated as long term capital gain which is invested in a house property exempted u/s 54.
No problem of non execution of rent agreement.

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Sonali Somani

Sonali Somani (Querist)
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26 September 2016 Thannk You So much Sir!!!

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