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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?
Replies (5)
The four family members should not include your wife and minors; otherwise the income will get clubbed in your hand again..
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
If it is treated as a gift then why tax is payable by family members, as gift received from relatives is exempt
There is a provision in Income Tax Clubbing of Income . Pl follow the advice of Mr Dhirajlal Rambhia
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.
Divide the surplus amongst your family members excepting your wife. Then clubbing provisions will apply.
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