Menu
Gift tax
suppose A who is the uncle of B, gifts an immovable property to his nephew B and also making B's wife as the co-owner of the said property, will there be any tax implications in the hands of nephew's wife??
will she be regarded as the relative under income tax act??
Replies (6)
Uncle of spouse is not covered in the definition of "relative" as per income tax act,1961. So, any gift being immovable property received from a person other than his/her relative is taxable u/s 56(2)(vii) if it is received without any consideration and fair market value of such property exceeds Rs.50,000.
A is the uncle of B
property has been gifted to B in which B's wife is the co owner....
Then what are the tax implications??
Since 'A' is not relative of B's spouse hence such gift shall be taxable under the head Income from other sources and will be exempt in the hands of B. To determine the taxable amount in the hands of wife we have to check the fair market value of such property and wife's share in property.
Thank you so much :)
Practical way to avoid paying/reduction of gift tax would be specify the percentage of shares in the Gift deed itself, like 90:10 or 80:20
Simply you can treat the joint name holder in the property as the coapplicant if her name is second by treating the first applicant as 100 % owner of the property. YOu can treat the second name holder as coapplicant without any ownership rights. Then no tax will be attarcted. Can show such an intention of the doner by making a seprate family agreement for showing such an intention.
Recent Topics :
- Investment fund's income from ncd distribution to
- Cialis 20 mg – General Information About Tad
- Comparative BS PL with Audit report
- Source of funds in IT returns
- Work from home job
- TDS ON ANY PURCHASE OF ANY GOODS - 393(1)
- TDS on payment to a non resident
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
Related Topics :
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
