GIFT in kind received by daughter

[santosh sabat]

Dear Sir/Madam,

I have a query regarding gift (a house property) received by a married daughter from his father out of her love and affection.    her father paid the whole purchase of cost of Rs.50.00 lakhs and get registered the said property in the name of his daughter.

What would be implication U/s 56 of the income tax whether gift in kind is exempted or taxable?

What treatment should be made U/s 64 clubbing provision towards rent received by the daughter ??

Your reply will highly solicited.

regards

AI Summary

Gifted House Property to Daughter: Tax Implications Explained Under Section 56 and Section 64 of Income Tax Act A query was raised regarding the tax implications of a house property gifted by a father to his married daughter. The father purchased the property for Rs. 50 lakhs and registered it in the daughter's name. The question concerned whether this gift is exempt or taxable under Section 56 of the Income Tax Act and how the rent received by the daughter should be treated under Section 64's clubbing provisions. The response clarified that the gift, whether in cash or kind, is not taxable, and the clubbing provision does not apply.