Liability on partition of ancestral property
This query is : Resolved
05 April 2020
I relinquished my rights over the ancestral house property to my brother and in turn I received some money. Does this money which comes out of the partition of the house constitute a gift or sale of half portion of the undivided house? What is my tax liability? I have accounted the money received as gift from my brother. Am I correct?
05 April 2020
Yes you are right it can be treated as gift.
06 April 2020
if no paper documentation done for receipt of money on any grounds then you can treat as gift
07 April 2020
In my view, you have to simply treat the amount received from your brother as gift without linking the same with the partition of HUF property. No need to explain the cause of gift.
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