gift of 20 lakhs from husband to buy immovable propert

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2017 buying immovable property worth 20 lakhs by accepting gift of 20lakhs from husband,am i liable to pay tax on Rs.20 lakhs.
If not, what precautions i have to take before accepting the above gift from husband

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 November 2017 Not liable to pay any tax on such gift. Income if any earned from the house is taxable in the hands of husband. Recive the gift amount through bank account.

ASHPAK ALI

ASHPAK ALI (Expert)
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11 November 2017 So, if a wife receives a house as a gift from her husband, the gift will not be taxable as income in her hands. However, if she lets out the house and earns rental income, such income, instead of being taxed as her own income, will be clubbed with the income of her husband and taxed as his income. A similar treatment will apply to any capital gains she earns from the sale of the house.

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