gift
This query is : Resolved
18 February 2011
one of my friend's wife was gifted with flat by her father after marriage. the gifted property earns rent income and she do not have any other source of income apart from rent income from flat which was gifted in 2008 kindly provide insight how to proceed for filing income tax returns.
18 February 2011
Rented Income will be taxable in the hands of her father-in-law under clubbing of income.
Regards!!!
Regards!!!
18 February 2011
What I understand is that Flat is gifted by father and not by father in law.
If it is correct than clubbing provision will not be applicable and rent will be taxable in the hands friends wife. She can claim deducton u/s 24(a) of the IT Act
If it is correct than clubbing provision will not be applicable and rent will be taxable in the hands friends wife. She can claim deducton u/s 24(a) of the IT Act
Guest
Guest
(Expert)
18 February 2011
Agree with Mr. Sunil.
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