A retired Govt. employee gives Rs. 35 Lakh out of His pension amount to Her wife, who is also a govt. teacher and she purchase a plot of Rs. 45 Lakh. Then What will be tax liability of both person during file income tax return?
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Purchase Property/Plot
Replies (5)
1) No tax on gift to wife
2) Though the plot would be registered in the name of the wife, the husband would be the deemed owner and clubbing provisions would attract.
3) Deductions of interest and principal can only be claimed by the husband after construction of house (if applicable).
Agree with poornima
Thanks madam for your reply,
In this case it would be necessary to show purchase in income tax return ?
Yes you have to show such purchase
No need to disclose such purchase in ITR provided the total income is <=50 lacs in the year.
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