“My Daughter is getting married. I want to give her a property. Right now the property ownership is in my name. I want to give this property to her as a marriage gift. My friend has told me that the property would be taxable in the hands of my daughter. Please advise.”
With effect from 1st October 2009, any property received by an Individual or HUF without consideration or for an inadequate consideration will be taxable in the hands of the recipient as ‘income from other sources’, subject to prescribed conditions/valuation.
Such property includes immovable property being land or building or both, shares and securities, jewellery, drawings, paintings…etc..
However, property received from the specified person or under special circumstances (including on the occasion of the marriage of the individual) will not be taxable in the hands of recipient.
Therefore, in this case, the gift or property from father to daughter is not Taxable.
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