Deemed Owner and Rental Income
This query is : Resolved
22 February 2011
Sir,
"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?
"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.
any other view will be appreciated
Further rent income therefrom will be taxable in hands of mother.
any other view will be appreciated
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.
can you just solve my confustion?
(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.
can you just solve my confustion?
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.
can you just solve my confustion?
(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.
can you just solve my confustion?
22 February 2011
Gifts include property recieved for
without/ inadequate consideration, both.
without/ inadequate consideration, both.
Guest
Guest
(Expert)
22 February 2011
Agree with Mr. Puneet but there is no termlogy 'deemed owner of that property'
22 February 2011
The terminology "deemed owner" can be seen very much in section 27 of the IT Act,1961.
Guest
Guest
(Expert)
23 February 2011
But succeeding queries do not relate to Sec. 27.
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