Gift provisions u/s 56(2)(10)
Mradul Pareek (10 Points)
27 January 2019
Whether tramsfer of property to brothers wife will be taxable as gift and also clarify on clubbing provisions.
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193721 Points)
Replied 27 January 2019
Gift received by brother's wife from brother/sister of husband is not taxable.
No clubbing of income applicable in this case.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 28 January 2019
no applicability of 56(2)(x) but the income derived from the transferred property shall be taxable in the hands of transferor. this is my point of view as per section 64(iv) . correct me if I'm wrong
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