Rent Income on Gifted Property_Wife/Son
This query is : Resolved
Quick Summary
18 June 2024
Dear Experts,
If an individual gifts property to wife or children without any consideration, then that transfer will not be subject to any tax.
However rental income from that property will be taxable in whose hands? transferor or person receiving the gift? Will these attract clubbing provisions?
If an individual gifts property to wife or children without any consideration, then that transfer will not be subject to any tax.
However rental income from that property will be taxable in whose hands? transferor or person receiving the gift? Will these attract clubbing provisions?
18 June 2024
Clubbing provision will apply in case of wife, but not when gifted to major son/daughter.
30 August 2024
Good luck.
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