25 October 2010
X has purchased house property on 1/4/09 jointly in his name and his father Y and his mother Z. All invested the funds equally.
Y, his father gifted his share 1/3 to son X on 2/4/09.
Z, his mother gifted her share 1/3 to son X on 1/10/09.
X got rent for April to September 2009 and same was shown in incometax return, 2/3 (his + father share). Gift has been confirmed byparents, but registration formalities are not complete. Can ITO say that as the registration is not done, the property remains in three names and rent should be assessed in father hands or Mr Y
26 October 2010
Sir, You have reposted your query again. Here is the link you asked. http://indiankanoon.org/doc/1685683/ As per recent punjab high court judgement ownership gets transferred once possession is given the buyer. Registration is just a formality.
CAclubindia
