Income tax implication on Gifts to Relative_Immovable Property
This query is : Resolved
30 August 2023
Dear Experts,
If a commercial property (currently in name of individual) , 50% ownership of the same is transferred to his wife as gift without any consideration, will it be taxable in hands of wife or husband? Required stamp duty on registration of the gift deed will be duly paid
Please advice
Regards,
If a commercial property (currently in name of individual) , 50% ownership of the same is transferred to his wife as gift without any consideration, will it be taxable in hands of wife or husband? Required stamp duty on registration of the gift deed will be duly paid
Please advice
Regards,
31 August 2023
It will not be taxable in both the hands as gift from relative exempt from tax.
Only the income from the gifted property will be clubbed in the hands of husband.
Only the income from the gifted property will be clubbed in the hands of husband.
31 August 2023
Noted.
If a proper sale agreement is prepared at adequate stampduty valuation for 50% transfer of share in the property , then too clubbing will be applicable? And will be taxable in hands of husband as capital gains?
If a proper sale agreement is prepared at adequate stampduty valuation for 50% transfer of share in the property , then too clubbing will be applicable? And will be taxable in hands of husband as capital gains?
31 August 2023
Payment should be received from wife for the sale agreement.
Capital gains tax payable on this transfer.
Capital gains tax payable on this transfer.
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