22 March 2010
Person A & B Purchased the flat in joint name(equal Proportion ) with 25% applied loan. A' is the assessee is claiming the housing loan intt in i. tax return. now loan fully paid. b' is the senior citizen. (relation between two person as a mother (B) & daughter (A). Now B' want to transfer the 50% of her portion to A' through Gift deed.
what is the tax liability will come to A'. or b has to make a will to transfer the property.
22 March 2010
Gift of immovable property is not regarded as transfer for the purpose of Capital gains as per section 47 (iii) of the Income tax Act,1961. Therefore, B need not pay income tax if she gift her right in the property to her daughter B.
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