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Tax on income earned from gifted property
Kindly help with the tax implication on the following.
Husband receives a house property as a gift from one of his relative covered under the definition of relatives. He transfers the same as gift to his spouse and spouse gives that on rent to earn income. in whos hands this income will get taxed??
Replies (5)
It will be taxable in the hands of the husband as he is deemed owner.
Thanks for your prompt reply sir. Correct me if i am wrong, if that person gifts the same property to his major son/doughter instead of wife it wont be taxed in his hands.
Thanks for your prompt reply sir. Correct me if i am wrong, if that person gifts the same property to his major son/doughter instead of wife it wont be taxed in his hands.
Your understanding is correct.
Son daughter should not be minor Section 27
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