Income declartion scheme
This query is : Resolved
Sonali Somani
(Querist)
24 September 2016
Is IDS,2016 is applicable to Gifted property??? as it is ot investment.
CA R SEETHARAMAN
(Expert)
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
(Expert)
24 September 2016
agree with the expert
Sonali Somani
(Querist)
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??
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
(Expert)
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.
No problem of non execution of rent agreement.
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Sonali Somani
(Querist)
26 September 2016
Thannk You So much Sir!!!
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