TRANSFER OF PROPERTY WITHOUT CONSIDERATION
This query is : Resolved
22 February 2011
SIR,
F Y 2002-03 my client has got property from their son without consireation.and son is setteled in adroad.
property income is receiving by my client as rent.
so issue is,
1.son can give possession of property to mohter free? will it amount to transfer of property for inadequate consideration?
2. How can i show my client in her Book?
F Y 2002-03 my client has got property from their son without consireation.and son is setteled in adroad.
property income is receiving by my client as rent.
so issue is,
1.son can give possession of property to mohter free? will it amount to transfer of property for inadequate consideration?
2. How can i show my client in her Book?
22 February 2011
1.son can give possession of property to mohter free? will it amount to transfer of property for inadequate consideration?
Gift of property to mother can be made without consideration.
Question of inadequate consideration arises when the asset is transferred to the spouse, or son's wife.
Gift of property to mother can be made without consideration.
Question of inadequate consideration arises when the asset is transferred to the spouse, or son's wife.
22 February 2011
2. How can i show my client in her Book?
I think the question has wrongly been drafted by you.
You can show rental income in her books and will be taxed under the head of Incomme from House Property, provided the property is not a vacant plot of land.
I think the question has wrongly been drafted by you.
You can show rental income in her books and will be taxed under the head of Incomme from House Property, provided the property is not a vacant plot of land.
22 February 2011
Thank you sir,
1.suppose son gave property to mother for inadequate consideration, it will not become gift. in that case who will be the owner? because as you told 'Question of inadequate consideration arises when the asset is transferred to the spouse, or son's wife'.
2. sorry sir, second quesion drafted wrongly instead of How can i show my client income in her Book, i drafted exclude 'income'.
1.suppose son gave property to mother for inadequate consideration, it will not become gift. in that case who will be the owner? because as you told 'Question of inadequate consideration arises when the asset is transferred to the spouse, or son's wife'.
2. sorry sir, second quesion drafted wrongly instead of How can i show my client income in her Book, i drafted exclude 'income'.
22 February 2011
If the property has been transferred to mother, by executing necessary documents, at what ever consideration, OR AS A GIFT, then mother will be the owner.
Gift is definitely the best way.
In case of property transferred to spouse or son's wife for inadequate consideration,
the owner will be the transferee but income will be clubbed in the hands of the person transferring the asset.
Gift is definitely the best way.
In case of property transferred to spouse or son's wife for inadequate consideration,
the owner will be the transferee but income will be clubbed in the hands of the person transferring the asset.
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