What are the tax implications if a father gifts a property to his child?
Pls its urgent
Do reply
Menu
Gifting a property to child
Replies (2)
If any income is generated from such property, it would be assessed in the hands of either of the parents whose income is higher.
Under wealth tax act, if applicable, to the father or child, property will be assessed in the return of father or mother whose income is higher.
There is no tax on gift / transfer of asset to a relative (being son / daughter) under capital gains.
Agree with Jimmitt explanation.
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
