Dear experts ,
My Maternal uncle wants to gift his home to me . If i receive that gift and use that gift for renting purpose , then will that income club in my maternal uncle income or in my income ?
If it will add in my maternal uncle income then show me some way so that it must add in my income ...
As per Sec 56, such gift will not be taxable and moreover, if such transfer is irrevocable any rent received from the same shall be taxable in your hands
respected experts :: how to make this deed irrevocable ? Do you have any idea ?
What points must we add into deed ?
Do you have some soft copy or matter for such type of deed ? Please provide some rough matter or idea ...
Condition is
which asset is transferred to a person can't revocable during the lifetime of the transferee.
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