Dear all,
My friend wants to gift a house to his wife. He is a Income Tax Assessee.
Government valuation (valuation for Stamp Duty) of the house is 12 lacs.
Wife is pure house wife & hence has not filed any income tax return till the date.
What will be the tax treatment / tax liability in this case?
Also what are the documentary requirements for the Gift like gift deed etc.?
What will be position if wife sales the house after 1 month of gift deed?
Plz reply at the earliest.
CAclubindia
