IFHP

This query is : Resolved

ruchi (Querist)
Follow

21 October 2009 house property transfered without adeqate consideration to minor married daughter,what would be the tax treatment?

sunny bansal

sunny bansal (Expert)
Follow

21 October 2009 Owner of house property, annual charge, etc., defined.

section 27 of incometax act. For the purposes of sections 22 to 26

(i) an individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter, shall be deemed to be the owner of the house property so transferred;

There fore in case where any property is transfered to minor married daughter,income from such property will be taxable in the hand of minor children & not in the hand of parents.

same in the case of wealth tax act it will not be taxable in hand of parents.