What are the tax implications if a father gifts a property to his child?
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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.
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