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Property gifted to relative

AJAY GUPTA (SERVICE) (70 Points)

15 October 2019

Pls advice for the disclosure of Property gifted to relative in Income tax Return and how to show in book of account.

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4 Replies

ravi (student) (44 Points)
Replied 15 October 2019

Not required to disclose in it

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CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 16 October 2019

If property gifted then no disclosure required.

from books you can remove the property and reduce capital account

rama krishnan (12244 Points)
Replied 16 October 2019

If you fall within the definition of relatives in respect of the donee, then there's no tax implications on either of you

Kapadia Pravin (17264 Points)
Replied 16 October 2019

@ Ajay
Gift from/to relative is not subject to tax.

So no disclosure in ITR

in books Donor to debit capital Account and credit to Property Account.

In books Donee to Debit property Account and credit to capital Account.

Date and cost of acquisition of property by the Donor will be deemed date and cost of acquisition by Donee.