A retired Govt. employee gives Rs. 35 Lakh out of His pension amount to Her wife, who is also a govt. teacher and she purchase a plot of Rs. 45 Lakh. Then What will be tax liability of both person during file income tax return?
5 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 08 May 2021
1) No tax on gift to wife
2) Though the plot would be registered in the name of the wife, the husband would be the deemed owner and clubbing provisions would attract.
3) Deductions of interest and principal can only be claimed by the husband after construction of house (if applicable).
Ghanshyam Lohar
(ACCOUNTANT)
(60 Points)
Replied 08 May 2021
Thanks madam for your reply,
In this case it would be necessary to show purchase in income tax return ?
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 09 May 2021
Yes you have to show such purchase
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 14 May 2021
No need to disclose such purchase in ITR provided the total income is <=50 lacs in the year.
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