A husband bought a piece of land for Rs.20 lacs in 2001 and gifted it to his wife in 2003. Due to property boom, she sold it for Rs.4.53 crores. Whose liability it is to pay income tax? Will it be clubbed with the income of the husband or the wife has to pay capital gains?
3 Answers from Attorneys
Since the wife, as a donee of the property, had become absolute owner, she only may be liable to pay the capital gains without clubbing the same with husband's income.
Since your question involves the importance of registration of gift deed so you if the gift was registered then your wife is liable to pay CG tax or else you are liable to pay.
I can provide you assistance for lessening the CGtax by a qualified CAs in Mumbai,kindly contact [email protected]
Whether the gift deed was registered? If yes, then when was the property sold? based on date of sale capital gains/ short term gains can be calculated. Income will be treated in the hands of wife only if the gift deed is valid.
For paid opinion, you can email me:
S.Seshadri
Advocate
website: www.lawconcern.com
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