Is the Gift of House property who is adopted to another person, by the natural father taxable or exempted.
Menu
Gift to adopted daughter
Replies (6)
It is taxable, because when someone else adopted daughter, then that person will become relative.
Dear Sai Mohan,
Sec. 2(15B) of Income Tax Act,1961 defines child includes a step-child & adopted child of individual.
The same was held in the case of GTO v. A.K.C. Natarajan (1986) 16 ITD 359 (Mad).
Dear Saleem,
My doubt is regarding the Gift by Natural Father to a Adopted Daughter(given to another)
Dear Sai Sudha,
1 - If you have adopted Daughter, then it is exempt.
2 - If Adopted daughter ( given to another / adoption should be made by person other than person gifting the same) then it is taxable.
Guys, I don't think just on account of child being given away for adoption cuts away the lineal relationship as covered in section 56.
Dear Mr Nikhil, I agree with your point, whether your query resolved or there is any case law
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
