taxability of gift

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gulshan bhardwaj (Querist)
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03 November 2010 Mr A had a property in his name but it was shown in the balance sheet of trust, altough at that time Mr A has no relation with Trust.but now Mr A is one of the trustees of trust and he has transfer the property without any consideration to the trust through gift deed. pls tell me the taxability both in the hands of Mr A and Trust.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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03 November 2010 What is the nature of trust, Is it do any income, or religious or non-profit making. please provide all the details.

Parveen Bansal

Parveen Bansal (Expert)
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04 November 2010 Transfer of property and related income to a trust should be examined with applicable sections 60-63 to understand tax implications of property transfer

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NITIN SHARMA

NITIN SHARMA (Expert)
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05 November 2010 Any asset which has been transfered absolutely and the transfer is non revocable by way of gift and the same has accepted than all the income ariseing from that asset will be taxed in the hands of gift receipent.