"If an individual transfers property for inadequate consideration or gifts it to his spouse or a minor child other than a married daughter,he will be treated as deemed owner of that property."
1.But son transfers property for inadequate consideration to his mother, will he be treated as Deemed owner? 2.In that case whose hands rental income of the property taxable?
22 February 2011
it will be considered as gift in the hands of mother.. and as it is received from relative (son) it won't be taxable. Further rent income therefrom will be taxable in hands of mother.
22 February 2011
If any immovable property received – (a) without consideration, it is taxable as income from other source, but it excludes from relative.
In our case transfers property for 'inadequate consideration'. section 56(2)(vi) says without consideration.
22 February 2011
If any immovable property received – (a) without consideration, it is taxable as income from other source, but it excludes from relative.
In our case transfers property for 'inadequate consideration'. section 56(2)(vi) says without consideration.
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