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Property gift entries & taxes on the same

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 July 2013 Dear All,

My queries is that my father have property in mukherjee nagar, delhi and he want transfer to my name as a gift. Is it possible and will have to pay capital gain the same. my 2nd queries is my father presently recd. rent on the same property he depositing the rent in our joint account. who will show rent income in ITR. Kindly solve my problem.
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Anil Sankar V

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Anil Sankar V (Expert)
15 July 2013 it will not be taxable as capital gain.assuming ur major ...once transferred , the rent has to be shown in ur ITR.
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