30 August 2020
Assess property value Rs: 50 lacs.this property gift to son. 1. Assess sales of property received amount after transferred to cash gift to son. 2.assess property gift to son. Question: Above two transactions better in I.t. act.
31 August 2020
If the assessee's son to retain property and not going to ell then better gift the property to son by duly executing a gift deed and registering it. In various states the stamp duty relaxations are there for transfer between near relatives and also on registration fee. There will be no implication of tax on both as far as income tax is concerned.
In case property is to be sold by the son then it is better to be sold by owner and thereafter to make gift of Cash. Here capital gain shall be chargeable and the donee shall not be subject to tax on gift received.
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