Reporting of gift deed (immovable property from father to son) in itr

ITR Filing 961 views 5 replies

kailas

engineer

69 Points Posted on 11 July 2019

If property is received through gift deed from father to son

1. How it should be reflected in ITR of son & father?

2. Shall it be a simple entry in Schedule-AL or any details need to be provided elsewhere?

3. In son's ITR, schedule-AL, what should be value of the asset reported? Shall it be as per valuation indicated in gift-deed?

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 12 July 2019

1. Under Schedule EI of son's ITR.

2. No need to file Schedule AL if aggregate income doesn't exceed 50 lakhs.

kailas

engineer

69 Points Posted on 03 August 2019

Thanks for the response. 1. House-property received is more than 50 lacs, so it will be included in schedule-AL. 2. However, schedule-EI doesnt have any column for house property. Shall it be reported in Sr. 4 (Other exempt income, including exempt income of minor child) and value=government valuation indicated in gift deed?

kailas

engineer

69 Points Posted on 03 August 2019

If NRI husband transfers, say Rs. 10 lacs, from his NRE account to wife's NRO account and wife invests it in shares. Shall the amount of 10 lacs be reported in similar way in schedule EI of wife's ITR? There is no section under drop-down menu for reporting gift.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 03 August 2019

1. House-property received is more than 50 lacs, so it will be included in schedule-AL.
2. However, schedule-EI doesnt have any column for house property. Shall it be reported in Sr. 4 (Other exempt income, including exempt income of minor child)

YES.

and value=government valuation indicated in gift deed?

YES.