A person wants to sale property to his relative. if he sells capital will be applicable. instead of doing so
Can I tell them to write a gift deed for transfer of such property and in return they will trf through bank for that also if gift deed written then we can avoid tax.
I know gift is free of cost but here to avoid tax I want to say like that. can you guys please give me your opinions??
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Gift to relative instead of sale
Replies (4)
In Case of transfer of any capital assets as gift it will not consider as transfer under Income tax act, soo no capital gain arise in hand of transferror(Gift Giver) and in case of Receiving the Gift by relative then as per sec 56(2) (vii) it will exempt, means no tax liablity on both hand
Inviting problem from tax department. Avoid this type of tax planning. (This type of Tax planning may chance to be considered as tax avoidance and subject to litigation).
Note: If you can litigate, than you can..
Note: If you can litigate, than you can..
Can I show this transaction in such a way that it's looks like real....
Yes, you can show this transaction in such a way, (there is a way)) that it's looks like genuine transaction. You have to consider all the relevant fact and circumstances, and do that transaction by the way which can be explanable at time of assessment...but it should be planed with proper Professional advice..
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