Tax on gifted property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 August 2011
Dear Experts one of my client has settled his property in his wife name, the same is being let out, wife is getting the rental income, in this case in whose account such rent has to be consider for the income tax purpose, ie. who is to pay tax on this rental income, wife or Husband, as this is gifted by him
pl clarify
pl clarify
19 August 2011
Even though the legal ownership of the property rest with the wife as per section 27(1) of the IT Act,1961, rental income will be assessed in the hands of husband by virtue of section 64(1)(iv) of the said act.
19 August 2011
Income clubed in the heands of husband if he transfer the property without consideration.
19 August 2011
Agreed with experts
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 August 2011
Thanks you very much sir
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