If tax payer husband receives Gift in the form of 50% right in the Urban Plot of land through gift deed in April, 2012, from tax paying wife, which is sold in Sept, 2012
1. Who should show the Gift in Return of Income?
2. What should be the value of Gift? Gift purchased by wife in 1990 for 15 lacs through her own funds, gifted in 2012 that time value was substantially higher.
3. Gifted without consideration by spouse, so clubbing provisions would apply, when the plot was sold, who is liable to declare the income? wife or husband?
Thank you so much for kind support and advice!
CAclubindia
