banner_ad

section

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 October 2010 X has purchased house property on 1/4/09 jointly in his name and his
father Y and his mother Z. All invested the funds equally.

Y, his father gifted his share 1/3 to son X on 2/4/09.

Z, his mother gifted her share 1/3 to son X on 1/10/09.

X got rent for April to September 2009 and same was shown in incometax return, 2/3 (his + father share).
Gift has been confirmed byparents, but registration formalities are not complete.
Can ITO say that as the
registration is not done, the property remains in three names and rent
should be assessed in father hands or Mr Y
Profile Image

CA Shailesh Kumar Bhagat

Profile Image

CA Shailesh Kumar Bhagat (Expert)
25 October 2010 Who ever any dispute in title, recipient of income will be taxed as per act.
Profile Image

sivasankar

Profile Image

sivasankar (Expert)
26 October 2010 Sir,
You have reposted your query again.
Here is the link you asked.
https://indiankanoon.org/doc/1685683/
As per recent punjab high court judgement ownership gets transferred once possession is given the buyer.
Registration is just a formality.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details