Income tax return
This query is : Resolved
01 February 2018
Dear Sir,
I own a flat jointly with my sister who is married. She wants to transfer her share in the property to me by a gift deed. We know that a gift by a blood relative is not taxable. I want to know, will I have to file a tax return to show that this gain of wealth was through a gift by a blood relative, or is there no need to file any tax return for this. I do not file income tax returns.
I own a flat jointly with my sister who is married. She wants to transfer her share in the property to me by a gift deed. We know that a gift by a blood relative is not taxable. I want to know, will I have to file a tax return to show that this gain of wealth was through a gift by a blood relative, or is there no need to file any tax return for this. I do not file income tax returns.
01 February 2018
I recommend that you do file the return and show the gain as exempted income because otherwise, the system might automatically require you to provide details of such transaction. It would be better to file the return, but you may choose otherwise.
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