What are the tax implications if a father gifts a property to his child?
Pls its urgent
Do reply
Jimmitt
(Student CA Final )
(44 Points)
Replied 18 February 2013
If any income is generated from such property, it would be assessed in the hands of either of the parents whose income is higher.
Under wealth tax act, if applicable, to the father or child, property will be assessed in the return of father or mother whose income is higher.
There is no tax on gift / transfer of asset to a relative (being son / daughter) under capital gains.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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