My father has transferred the ownership of a house to me and my sister. I am a salaried employee with an annual salary of ₹7,00,000.
The property transfer is appearing in my AIS (Annual Information Statement) on the Income Tax portal.
Could anyone please advise whether I need to report this property transfer while filing my Income Tax Return (ITR)? If yes, under which section should it be disclosed, considering that the property was received from my father?
Since the property has been received from your father, it is exempt under Section 56(2)(x) as it is a gift from a specified relative. Therefore, no tax is payable on receipt of the property. Merely because the transaction appears in AIS does not make it taxable. Generally, no separate reporting is required in the income schedules of the ITR for such an exempt gift. However, preserve the registered transfer/gift deed and related documents, as they will be relevant for future capital gains computation if the property is sold.
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