Friday, 17 April 2015

Gift of house to spouse cannot be disregarded for the purpose of assessee's eligibility for deduction u/s 54F



Gift of house to husband prior to the date of transfer of the original capital asset(other than any residential house) cannot be disregarded for the purpose of reckoning assessee's eligiblity for deduction u/s 54F even if assessee along with her husband and spouse continue to reside in the same house even after the gift. Section 64(I)(iv) will not operate to nullify the gift and would operate only to club income from the gifted house in the hands of the donor spouse. The gift cannot be regarded as a sham merely because assessee along with her husband and spouse continue to reside in the same house even after the gift

No comments:

Gujarat HC upholds levy of GST on corporate guarantee while reads down mandatory 1% valuation where actual consideration is lower

  This Tax Alert summarizes a recent ruling of the Gujarat High Court (HC)1 on the taxability of corporate guarantee provided by the Petitio...