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Income tax liability on gifted property.

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Bharatkumar

Individual

90 Points Posted on 19 March 2021

My mother want to gift her residential property to me (Son).

My mother is liable to pay any Income Tax, Gift Tax on this transaction?

I, am liable to pay any Income Tax, Gift Tax on this transaction?

We are 02 brothers and 01 sister married and my mother want to gift her property to only me, in this scenario can any question arrise as point of Income Tax view?

Thanks.

Replies (9)

Quick Summary

Receiving a residential property as a gift from your mother is generally not subject to income tax or gift tax for either party. Under UK tax law, gifts between close relatives like a mother and son are exempt. While no tax is typically due, it's advisable to formalise the transfer with a gift deed to avoid future disputes. Once the property is legally yours, any rental income generated will be taxable in your hands.

kalkish pasumarthi

38 Points Posted on 19 March 2021

As per my knowledge gift from relative is not taxable as per section 47 and 56(2)(x). Mother and son are covered in relative definition no tax liability will arise when u received.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 19 March 2021

Not taxable as it is gift from relatives.
Not taxable as it is exempted

CA Akshay Poriya

job in industry

188 Points Posted on 19 March 2021

As per the provisions of income tax laws the gift from relative is not taxable at all. in this case the gift provided by mother to son is exempt and not taxable in the hands of both the party , also where the gift given is particularly by love and affection so, there is no point of to whom it is given also it is better to make a gift deed so, it is evidenced and no issue arise in future.

Bharatkumar

Individual

90 Points Posted on 19 March 2021

Thank you very much Sir.

Bharatkumar

Individual

90 Points Posted on 19 March 2021

Thank you very much Sir.

Ashwini Kalbhor

Tax Practitioner

98 Points Posted on 19 March 2021

relating to above question, in whose hands income from house property shall be taxable ?

CA Akshay Poriya

job in industry

188 Points Posted on 19 March 2021

As per my view the clubing of income provisions not applicable on the basis of transfer of property to son with the legal ownership and if gift deed as evidenced then, the income from such residential house will be taxable in the hands of son only under the head house property