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Property gifted to relative
Pls advice for the disclosure of Property gifted to relative in Income tax Return and how to show in book of account.
Replies (4)
Not required to disclose in it
If property gifted then no disclosure required.
from books you can remove the property and reduce capital account
from books you can remove the property and reduce capital account
If you fall within the definition of relatives in respect of the donee, then there's no tax implications on either of you
@ Ajay
Gift from/to relative is not subject to tax.
So no disclosure in ITR
in books Donor to debit capital Account and credit to Property Account.
In books Donee to Debit property Account and credit to capital Account.
Date and cost of acquisition of property by the Donor will be deemed date and cost of acquisition by Donee.
Gift from/to relative is not subject to tax.
So no disclosure in ITR
in books Donor to debit capital Account and credit to Property Account.
In books Donee to Debit property Account and credit to capital Account.
Date and cost of acquisition of property by the Donor will be deemed date and cost of acquisition by Donee.
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