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CA
10436 Points Posted on 23 October 2021
I'm going to sell an property in city limits. Its Stamp duty value is 1250000. I'm the owner of the property. Can I transfer it to my 4 family members and then sale it to divide the value in 4 parts and get cheque in name of 4 family members to avoid tax by taking benefits of slab rate?
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On 23 October 2021 at 12:09 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 23 October 2021

The four family members should not include your wife  and minors; otherwise the income will get clubbed in your hand again..

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On 23 October 2021 at 13:52
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Project Financial Control
7 Points Posted on 23 October 2021
No you can not do so. even if you transfer property to family members without consideration, it will be treated as gift and tax is payable by family members. please remember, there is no exemption or deduction available on long term capital gain provided you don't apply the provisions of sec 54EC
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On 23 October 2021 at 15:55
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CA
10436 Points Posted on 23 October 2021
If it is treated as a gift then why tax is payable by family members, as gift received from relatives is exempt
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On 23 October 2021 at 16:58
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Deputy Manager
783 Points Posted on 26 October 2021

There is a provision in Income Tax Clubbing of Income . Pl follow the advice of Mr Dhirajlal Rambhia

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On 26 October 2021 at 11:34
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Profession Business
28207 Points Posted on 27 November 2021
Considering the owner of the property is the querist. In case u sell , capital gain will arise.
Divide the surplus amongst your family members excepting your wife. Then clubbing provisions will apply.
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On 27 November 2021 at 10:19


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