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.
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.
CAclubindia
