CAPITAL GAIN
This query is : Resolved
18 March 2009
MR X OWNS BLDG COST OF ACQUISITION RS 5 LACS GIFT THIS BLDG TO HIS SON Y BLDG FECTCHING RENT OF RS 30 PER MONTH WHETHER THE CLUBBING PROVISION WILL ATTRACTED
18 March 2009
Yes, if son is minor.
(Finally, there may be no tax impact; basically clubbing provisions are invoked)
(Finally, there may be no tax impact; basically clubbing provisions are invoked)
18 March 2009
YES
18 March 2009
but sec 64 is only for spouse or daughter in law is there any provision for transfer of property to son also
21 March 2009
As per Sec 64(1A) all income which arises to the MINOR shall be clubbed in the income of his parent. However, there is exemption upto Rs 1500
In the instant case, rent per month is Rs 30 only per month which works out to Rs 360 per annum. Since minor's income in the instant case is less than Rs 1500, there is finally no tax impact
It appears as though query is raised for academic interest
In the instant case, rent per month is Rs 30 only per month which works out to Rs 360 per annum. Since minor's income in the instant case is less than Rs 1500, there is finally no tax impact
It appears as though query is raised for academic interest
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
