property gifted to wife and minor children

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MOIN ALI (Querist)

06 December 2016 a person who gifted a immovable property to his wife and minor children how he declared in his itr. and how wife and children (who received gift from his husbend/father) declared their gift in income tac return. assets like building and land.building amount is 1140000. and stamp duty is 76650. in the name of children a land./site which have total value of 60000 only

sandip rai

sandip rai (Expert)

06 December 2016 Considering your wife an your children does't not have any source of Income, if you are making gift of any assets ..that transfer (gift) should not be revocable transfer i.e there should be no if or but in gift agreement ..which proves that you can return back that gift from them.

If so, income generate from gifted assets will be treated income at their hand otherwise clubbed in your hand and consider your source of income.

Therefore, legal drafting of gift deed is very important in these type of cases.

MOIN ALI

MOIN ALI (Querist)

06 December 2016 thank u sir

MOIN ALI

MOIN ALI (Querist)

06 December 2016 sir one more thing is they gifted in asst year 12/13 but asesse did not shown in his itr are his wife regarding this. what should thay now. I mean how they declared in current asst year

sandip rai

sandip rai (Expert)

06 December 2016 Gifting is not related to your source of income, the material thing is income generated from gifted asstes..

Conclusion : no worry , focus of good drafting of gift deed and file income tax return for income generated for gifted asset at your wife and children.

one more thing. if your children is minnor .. income generated from gifted asset is clubbed in your hand

MOIN ALI

MOIN ALI (Querist)

06 December 2016 thank u soo much sir

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