Taxation on gifting of immovable property
This query is : Resolved
14 February 2021
Dear All,
I have come across a case wherein the owner of a immovable property has executed a gift deed to gift 50% of the property in the name of spouse in the previous year 2018-2019. The gift deed has been registered.
What are the tax implications in such a case. Will this transaction be taxable. If yes, please quote the applicable section under income tax act.
Kindly assist.
I have come across a case wherein the owner of a immovable property has executed a gift deed to gift 50% of the property in the name of spouse in the previous year 2018-2019. The gift deed has been registered.
What are the tax implications in such a case. Will this transaction be taxable. If yes, please quote the applicable section under income tax act.
Kindly assist.
14 February 2021
It's a gift to relative not taxable. Being a gift to spouse the income from the property will be clubbed with the income of the donor.
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