Gift act
This query is : Resolved
07 June 2012
If a person (male) receives a house which is in the name of his mother and sister after making gift deed... then what are the consequences under income tax act on him. Is gift deed beneficial for him?
07 June 2012
Beneficial from which sense? The very fact that he has received a GIFT is BENEFICIAL. Income Tax has very little role to play in this. Are you sensing some difficulty in sec 64?
07 June 2012
Actually i want to ask related to tax means whether he will b liable to pay any kind of tax under Income tax act??
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
07 June 2012
Actually i want to ask related to tax means whether he will b liable to pay any kind of tax under Income tax act??
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
and one correction to the querry is that the house is in the name of his "mother" and "sister-in-law".
07 June 2012
The gift is exempt in the hands of the individual becuase it has been received from relatives. there is no tax liability in the hands of the receiver.
07 June 2012
You are welcome. you should use the thanks button to convey your thanks.
Message likes :
1 times
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
- PAN Migration to New AO
- Tax implications of gift to maternal uncle
- How to open attachment in 23ac xbrl
- Capital gains LTCG
- Gifts in cash
- Real estate business by a partnership firm where both of the partners are SC/ST
- Input Tax Credit Puf panels
- 26QB correction - no data available error for fully consumed/processed with default
- TDS on Purchase of Immovable Property in case of Co Owner
- Demand due to error in 3cd
- TDS ON PAYMENT TO NON-RESIDENT BY RESIDENT FOREIGN ENTITY
- HOW TO CALCULATE FOOD CHARGES
- Travel Agent Charges 5 GST without ITC. Can he raise invoice18 on Service Fee for Flight Tick
- Income tax planning
- Please help with SAC Codes (6 digits) for below mentioned services provided by Chartered Accountant
- Printing Press under Composition Scheme
- 140-A Tax Wrongly Paid PAN No
- CSR funding for private limited companies
- Professional tax deduction monthly
- Refund Application in RFD 01 for Export without payment of tax
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
