Income tax on transfer of house property

This query is : Resolved

CA Abhishek kapoor (Querist)
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07 February 2011 i want to know that if the father in law transfer the house property to son's wife without consideration then:
1. how much income tax we have to pay ?
Area 500sq m
rate: 27000per sq m
location: Punjabi bagh new delhi
2. how much gift tax we have to pay ?

3. the amount of stamp duty & property tax we have to bear on such transfer?

further if there is any other tax implication please let me know.

Guest

Guest (Expert)

07 February 2011 No incometax and gift tax shall be payable if property is gifted.

CA Abhishek kapoor

CA Abhishek kapoor (Querist)
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07 February 2011 but why income tax is not applicable..?

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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11 February 2011 Gift Tax has been abolished and One seperate section has been inserted in Income tax act on for gifts.

and under that section 56(vii) gift received from In-laws is exempt.

But if later on, she earns any income from that house whether through rent or sale then that income will be included in the income of her father-in-law(section 64(viii).

Regards!!!

Guest

Guest (Expert)

14 February 2011 Still, is there any more confusion?