{"id":661,"date":"2016-09-04T13:50:59","date_gmt":"2016-09-04T13:50:59","guid":{"rendered":"https:\/\/www.jahernotice.com\/blog\/?p=661"},"modified":"2016-09-07T13:53:48","modified_gmt":"2016-09-07T13:53:48","slug":"gift-of-ancestral-property","status":"publish","type":"post","link":"https:\/\/www.jahernotice.com\/blog\/gift-of-ancestral-property\/","title":{"rendered":"Gift of ancestral PROPERTY"},"content":{"rendered":"

\"timesofindialogo\"<\/a><\/p>\n

Gift of property means transfer of property from one person to another without any monetary consideration<\/strong><\/p>\n

Where an immovable property or asset is transferred by an individual directly or indirectly without adequate consideration to another, the income arising from the transferred asset is included in the total income of the receiver.<\/div>\n
\n

Normally, the giver is not liable to tax on any gifts made by him. But gifts received are taxable in the hands of the receiver under the head `Income from Other Sources’.However, the Act provides for specific circumstances where the gift will not be taxable when received. This is in the case of gifts received from a relative; those received on the occasion of marriage; gifts received under a will or by way of inheritance in contemplation of death of the donor or those received from any local authority fund, foundation, university, other educational institution, hospital, other medical institution or any trust any trust registered under Section 12AA.<\/p>\n

If a person transfers a house without consideration to his spouse or to his child, the receiver is deemed to be the owner of the house and taxed accordingly. If a person transfers the house without consideration to his son’s wife or child then the transferee will not be deemed to be the owner of the house.The transferee will be treated as the owner of the house and the income computed in his hands is included in the income of the transferee. Gifting of ancestral property has been an important legal issue.<\/p>\n<\/div>\n

\n
\"\"<\/a><\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Gift of property means transfer of property from one person to another without any monetary consideration Where an immovable property or asset is transferred by an individual directly or indirectly without adequate consideration to another, the income arising from the transferred asset is included in the total income of the receiver. 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