Income-tax on transfer of property under Gift or WILL/गिफ्ट और वसीयत से सम्पत्ति के अंतरण पर आयकर
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- เผยแพร่เมื่อ 15 ก.ย. 2024
- Any profit or gains from transfer of a capital asset is charged to income-tax under the head ‘Capital gains’ in view of the provisions of section 45 of the income-tax Act. The expression ‘capital asset’ has been defined in clause (14) of section 2 and the word ‘transfer’ has been defined in clause (47) of section 2 of the Income-tax Act.
As per sub-clause (i) of clause (47) of section 2 of the Act, ‘relinquishment of a capital asset’ is a transfer. In the case of ‘will’ a property is relinquished in favour of other person from a future date and in the case of ‘gift’ of capital asset is relinquished by way of gift deed or otherwise and therefore, comes within the ambit of definition of ‘transfer in relation to capital asset. However, transfer of capital asset under ‘Gift’ of ‘will’ have been specifically excluded from the applicability of provisions of section 45 of the Income-tax Act by virtue of clause (iii) of section 47 of the Income-tax Act, accordingly, transfer of a capital asset under gift or will is not chargeable to income-tax under the head ‘Capital Gains’.
This video is to clarify the doubts, if any, with regard to the chargeability of income-tax under the Income-tax Act on transfer of property under ‘gift’ or ‘will’.
Sir, so well explained the issue of transfter of property on gift or will and if it will attract capital gain . Very well explained. This information will be beneficial to tax payers as well as AOs of the department while determining and assessing tax on tge issued.
Your feedback and comments are valuable dear Sunita.Keep watching.
Thank you sir, your all information is very helpfull for everybody.
Thank you very much for your feedback.
A must see for all those who want to make a Will or have got property via a Will. Very insightful 🙏🏻
Thank you very much for your feedback dear Sachin.
Very well explained and very polite demeaner. Thanks for the video.
Thanks for your feedback Sandeep Ji
Thanks Sir! A crisp presentation as always! Lucid and engaging!
My pleasure dear Nilanjan.Thank you very much.
Sir, this blog is very informative and will be beneficial to a lot of people. Awesome presentation.🙏
So nice of you dear Debabrata.Keep watching.
Sir, Very useful information. Fine presentation by you.
Thank you very much dear Mani.Keep watching.
Very good information. Thank You Sir
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Good informative and helpful, Thank you Sir 🙏
Thank you very much. Keep watching.
Tnx a lot sir for explaining this topic with ease 🙏
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Wonderful sir🎉 nice Explainaton❤
Thank you 🙏 111 videos on my channel, keep watching and sharing.
Very informative & helpful Sir..
Thanks dear Janardhan.
Thanks sir for this nice educational video ,kindly give information about tax on selling of the gifted agriculture land which falls under municipal area. Thanks
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Very useful information Sir 🙏
So nice of you dear Rajneesh.Keep watching.
Very nice
Thank you very much dear Mane ji. 106 videos on my channel and more to come. Keep watching and sharing. Regard
Thanks a lot
Read my article on same topic www.linkedin.com/posts/irs-o-p-yadav_join-arjun-and-his-father-as-they-delve-into-activity-7230135633963335680-5T6h?
Thanks sir for valuable information
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Very impressive
Thank you very much for your feedback.
Thank you sir you have cleared my doubts😊
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@@TaxGyanbyOPYadav Sir incase need more assistance from you is there any contact number where I can connect
Gift should be among close blood relation. This point requires to be covered. Otherwise gift will attract tax as per current IT act.
This video covers tax liability on a person, who transfers a property through a gift or will. What you said- apply to the receiver of property through gift. On this topic, watch my video th-cam.com/video/67hbYjMaU-4/w-d-xo.htmlsi=Jk7q0fnD8Yz0R9IU
Yes, in both the cases gift or will, there is no income tax, but it attracts stamp duty, isn't it.
Dear Dev
My videos are on the provisions of the Income tax Act.
Tax beneft is there in will or gift deed? Which has less tax implications in gift or will? Which is less cheaper to transfee property will or gift?
Please go to the playlists " Capital Gains" and "Income for other sources" on my channel and watch relevant videos.
If an immovable asset (land property) gifted by third person is it taxable please reply sir. Thank you.
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Mother ko unke vivah par 1966 me alag -2 relative se gold jewellery mili thi
abhi muje gold jewellery di he by sapath patra without notary bana kar kya ye IT department accepts karege
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Nice explanation.
We are 14 legal heirs of my grandfather's property, 12 of the heirs will relinquish their rights in the property, those rights will be transferred to myself and the son of my late father's deceased brother, who is also a legal heir. In consideration for the transfer, both of us will be making a payment X to the other heirs and then soon sell it.
What will be the capital gain for me as I will get 1/2 share will it be long term or short term capital gain?
Please go to my channel, watch videos in playlists "Capital Gains" and " Income from other sources"
Sir mai ek residential plot buy karne ki soch rha hu....seller ke name par registered will deed hai 2002 ki( Sale deed uski mother ke name par hai 1982 ki)...agar vo apni registered will se mujhe plot sell krega to kya us par capital gain tax lgega.????? kindly tell sir....!!
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mujhe pit SE mila gift ke me Ghar banane ke lye Janeen bechne par income tax lagega?
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if father live and his property gift to son it if fee or taxbale?
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In case of any further clarification, please share your contact number on my email id opy.y6068@gmail.com.
Sir मैन पिछले At 2021-22 वर्ष की ITR फाईल नही की क्यूकी मेरा टैक्स नहीं कटा था
इस वर्ष AY2022-23 मे मेरा टैक्स कटा है तो मै ITR भरना चाहता है तो क्या मै भर सकता हु कृपया मदद करे
Dear Karamveer,
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Sir mere papa ne 2013 main ek plot purchase kiya tha apne naam uske baad unki death 2020 main hogayi . phir us plot ko maine 2022 main apne naam will transfer se kara liya aur sale kr diya ab iss case main mujhe property ki purchase date konsi maanni hai 2013 ya will transfer wali 2022. thanks in advance
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Thnku sir
My pleasure. Regards
Urgently need an answer pls .. I have received flat gift from my father via gift deed, The amount shown in AIS is market rate whereas original cost was very low. What capital should I add in mine & remove from my father 's Balance Sheet e.g my father purchased at 50k but now market value is 10 L . Should I add capital of 50k in my BL which is the original cost or 10 L that is seen in AIS ?
Dear Nilay, please share your contact number on my email id opy.y6068@gmail.com . Will speak and clarify. Regards
Sir ji Namaskar 🙏🙏🙏
Sir I have a question pls give solution-
If a property(Agriculture Land) is transferred to someone (who is not in blood relation) through power of attorney only, not in the form of Registry as people usually do when they purchase something. And the money equal to 1.5 times of the circle rate of that agriculture land is received by the landowner in lie of power of attorney of the said agriculture land..
Is this income above the circle rate is capital gain.
How capital gain will be calculated by AO??
Please answer🙏🙏🙏
Thanks for watching dear Saroha ji.
Please watch my video th-cam.com/video/xtEjNYwBmqE/w-d-xo.html to know- when the income from sale of agricultural land will be exempt from income-tax? and th-cam.com/video/pnuHkjP3k3Q/w-d-xo.html to know when income from sale of agricultural land will be charged under the head “Capital Gains” .
To know how capital gain is computed , please watch my video- th-cam.com/video/6eGHKpoNd3g/w-d-xo.html .
In case of any further clarification, please share your contact number on my email id opy.y6068@gmail.com. It will be my pleasure to clarify after understanding facts.
Useful information but taxable in the hand of receiver as income from others sources as capital assets received as Gift.
Thanks for your feedback dear Golechha ji.
To know in which circumstances, money or property received under gift will be charged to income-tax under section 56(2)(x), please watch my video th-cam.com/video/67hbYjMaU-4/w-d-xo.html
Sir jisne property as a gift deed receive ki hai usko ITR mein kuch dikhana padega
Pl watch relevant video in th-cam.com/play/PL5pXBD1oO_4AJvI3GjLZ1yiipK3wayZED.html
In case of any doubt, please share your contact number on my email id opy.y6068@gmail.com
Sir kya gift deed krana sahhi h ye property sale krke paisa apne account me dalna sahi h? Ya fir dusri property purchase Krna use bech ke
Thanks for watching dear Khan.
आप मेरे चेनल की playlist - "Capital Gain" और " Income from other sources" देखें, संबंधित videos मिल जायेंगे ।
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Jisko sir milra hai gift .. kya usko b tax exemption h
Dear Jaya, thanks for watching.
Please watch my video th-cam.com/video/67hbYjMaU-4/w-d-xo.html . Therer are 90 videos on my channel including video on "capital Gain on sale of property received under gift". Have a look on playlist. Regards
Tauji Apna bhteja ko ghr donate krta ha to tax lgaga kya ?
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sir kya mother apne son ko gift de sakti hein property jo uske pass hein toh kya uspe tax dena padega kya agar son usko bech deta hein toh?
प्रिय शिवम ,
मेरे videos th-cam.com/video/67hbYjMaU-4/w-d-xo.html
और th-cam.com/video/C6U0imqH5wY/w-d-xo.html देखें
@@TaxGyanbyOPYadav sir apse contact karna ho toh kaha hoga sir
@@shivammishra-wl4bq Please share your contact number on my e-mail id opy.y6068@gmail.com. I will call you.
Sir section 47 (3) runs with section 45 and not section 54 right ? So after claiming exemption under section 54 can assessee gift the newly purchased property on which exemption has been claimed ?
My idea is to present the relevant provisions in the simple langauge, please go through the relevant provisions in case of any doubt. However, I always feel happy in discussing issues with my viewers, as certain issues may be debatable.
@@TaxGyanbyOPYadav ok tq sir. Kindly tell me your view on consequence of gift subsequent to claiming of capital gain exemption
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Sir do we have to pay tax on selling/ transfering of lease holder property for a consideration amount
Dear Sawant ji, thanks for watching.
Please let me know, the mode of acqusition of the property , will clarify. Regards
@@TaxGyanbyOPYadav sir this was purchased as 99 years lease hold.....now if I transfer the lease hold rights do i have to pay tax....
.and i will not be purchasing new house with that money
अपने माता पिता की प्रॉपर्टी में से दो भाई अपने हिस्से की जमीन को अपनी 2 बहनों को गिफ्ट करना चाहते हैं, जिन बहनों को गिफ्ट मिलेगा, क्या उन्हे इनकम टैक्स देना पड़ेगा या टैक्स फ्री होगा ?
गिफ्ट और relinquishment deed में कौन सा सही रहता है ? कृपया बताएं 🙏
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Gift/transper of property ku tax nahi lagagay ok sir, clarify the person who receive the property as gift transfer for him/her tax lagayga tho value kaoun thay karaga etc in reply
Watch my connected videos th-cam.com/play/PL5pXBD1oO_4BItLVDq-r0hiTiYkd2qc9q.html .
Gifts dead ka charge kitna hai sir
My videos are on the provisions of the Income-tax Act.
Relinquishment after death of parents is taxable or not?
Dear Honey,
Thanks for watching.
Succession of property by way of inheritance on death of an individual does not amount to transfer of capital asset within the meaning of section 2(47) of the Income-tax Act, hence, the provisions of capital gains are not applicable. Further, in view of proviso to section 56(2)(x), property received by way of inheritance is not chargeable to income-tax at the time of receipt of such property, watch my video- th-cam.com/video/AkbVXPIqdmE/w-d-xo.html
However, on sale of such property, income-tax on capital gain become chargeable, to know more watch my video- th-cam.com/video/4lwhxjk0_uM/w-d-xo.html
Regards,
I want to Gift a house on which capital gains benefit has been claimed to my daughter.
Dear Mohit,
Please watch my video th-cam.com/video/hv8FfCdG-io/w-d-xo.html , if exemption was claimed under section 54 and th-cam.com/video/BPYqm944zh0/w-d-xo.html , if exemption was claimed under section 54F.
Sir. 22mnth phle ek lease hold plot liya allorty s . DDA ka. 26mtr . Allorty se mne 7 lac liya th. neft s pymt ki 7 lac ok orner ko oo registry krwai 72000rs lge stampduty k mre p lge th ok + 1 percnt registration charge ok sir ji.
Ab sale krdia 14lac ka. DD mila mje ok buyer k b 720000 lge stampduty k pasie .circle rate 18.60 h to mje kya capitl gain hua tax kisp jyga kitna
Dear Suraj Prakash,
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Sir plz rply k mje kitne p tax dna pdega. Profit 7 lac . Ya dna pdega ya ni. Stampduty mne b 72000 pay ki thh ab buyer n b. Bs mne allorty ko 7lac diye . Or jb mne sale ki to mje 14 mile. E category m aata h. 70080 MTR th circle rate. 26mtr k 72000 gye th mne or ab lene wle k b itne lge
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@@TaxGyanbyOPYadav ok sir ji 🙏🏻
Hello, i am facing one tricky case from one of my client. Case is like that he has received Gift deed from one of his non-relative (plot of land of value 35lacs bought by doner in F.Y.2000-2001) in F.Y.2017-2018 which he sold in the same financial year. But not filed ITR for the same, now he received IT notice for the same notice date 08-02-2023. Here my concern is shall we challenge the notice simply by saying time barred since amount considered in my opinion is less than 50 lacs. But IT is saying it is 70 lacs considering 35lacs as capital gain as well ...My challenge here is if IT tax for the Gift deed than there will be no captial gain and if they ask for captial gain than Gift deed tax wont be there..In either case amount should be less than 50 lacs and notice should be time barred. Please provide your valuable opinions as well.
It is not possible to answer to your queries, without understanding complete facts. Please share your contact number on my email id opy.y6068@gmail.com. On the related topic, please Watch my video th-cam.com/video/cdkOt2ZNS5Y/w-d-xo.html.
There are 96 videos on my channel and more to come. Have a look on the videos in playlists " Capital Gains" and " Income from other sources", you will find the videos on the related topics .
Answer please sir
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