Hello!
Can anyone advise on the below:
1) I have a flat which is in 1st name mine & second name my spouse.
2) Fixed deposits in 1st name mine & second name my spouse.
What are the I.tax implications if i trasnfer both the flat & fixed deposits to my spouse name.
Thanks
There will be no tax implication as per Sec 56(2)(vii) of income tax act, 1961,as it's given that any sum of money or any immovable property received from relative will be exempt from tax implications of income tax & wife is covered under that so there will be no tax implications in the hands of your wife & as well as on your hand.
No Tax implication as it covered under the definition of relative u/s56(2).
Agreed with the Reply of Amber
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