Tax implications on purchase of property
This query is : Resolved
Preeti Bhatt
(Querist)
20 February 2019
Hello,
The case is house property is being purchased on the name of son & his wife....as Son has applied for home loan....
The initial payment is done by the father of son directly in the builder's account..What will be the tax implications in the hands of son & father...How will father show the transferred amount?
The case is house property is being purchased on the name of son & his wife....as Son has applied for home loan....
The initial payment is done by the father of son directly in the builder's account..What will be the tax implications in the hands of son & father...How will father show the transferred amount?
CA ANUBHAV
(Expert)
20 February 2019
transferred amount can be treated as gift to son and his spouse by father.
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Preeti Bhatt
(Querist)
20 February 2019
Tax implications ? If it is shown as a gift than the amount would be non taxable in the hands of both? Does this amount to be reflected anywhere in filing ITR??
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CA ANUBHAV
(Expert)
24 February 2019
no gifts in blood relation are exempt and same will not be reflected in ITR...but in the case of sale amount given by father in law to daughter in law as gift will attract the provisions of clubbing and profit earned by DIL on sale of property will be added to FIL income proportionately..
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