HOUSE PROPERTY

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Hello Everybody

My client is having two residential house property. He wants to transfer one property either to his spouse or to son's wife. Please advise taking into consideration sec.27 and sec. 64 , What will be the tax implications ?  

 

 

Replies (2)
i think tat u jus need to look whether the house property is transfered for an adequate consideration..if not, the trasferor will be considered as deemed owner and while calculating tax, he'll hav to pay....

sec 27 - an individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter, shall be deemed to be the owner of the house property so transferred

sec 64 - subject to the provisions of clause (i) of section 27,to the spouse of such individual from assets transferred directly or indirectly to the spouse by such individual otherwise than for adequate consideration or in connection with an agreement to live apart

i guess this should help u...
cheers.. itty
See sec 27


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