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Taxation on gifting of immovable property

This query is : Resolved 
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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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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