Income-tax on transfer of property under Gift or WILL/गिफ्ट और वसीयत से सम्पत्ति के अंतरण पर आयकर

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’.

[@jagdishhoskere1545]

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[@TaxGyanbyOPYadav]

Thanks for your feedback.

[@jagdishhoskere1545]

Sir please reply to my query

[@keshavdubey6527]

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[@TaxGyanbyOPYadav]

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[@learner7472]

Thank you sir you have cleared my doubts😊

[@TaxGyanbyOPYadav]

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[@learner7472]

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[@liontiger5557]

Thanks sir for valuable information

[@TaxGyanbyOPYadav]

My pleasure. 84 videos on my channel and more to come.Keep watching.

[@bhartirajegoel8336]

Thank you sir, your all information is very helpfull for everybody.

[@TaxGyanbyOPYadav]

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[@Pure_Bliss5500]

Tnx a lot sir for explaining this topic with ease 🙏

[@TaxGyanbyOPYadav]

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[@jagannathmane1968]

Very nice

[@TaxGyanbyOPYadav]

Thank you very much dear Mane ji. 106 videos on my channel and more to come. Keep watching and sharing. Regard

[@mr.sandeepjindal]

Very well explained and very polite demeaner. Thanks for the video.

[@TaxGyanbyOPYadav]

Thanks for your feedback Sandeep Ji

[@HImanshuGupta-xi8ec]

Very good information. Thank You Sir

[@TaxGyanbyOPYadav]

Thanks dear Himanshu.106 videos on my channel and more to come, keep watching and sharing. Regards

[@taxbazaar7364]

Wonderful sir🎉 nice Explainaton❤

[@TaxGyanbyOPYadav]

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[@janardhansnair4371]

Very informative & helpful Sir..

[@TaxGyanbyOPYadav]

Thanks dear Janardhan.

[@jagdishhoskere1545]

I have one question if the stamp duty and registration charges are paid by donee as per the condition of gift .will it be treated as consideration paid and attract capital gain tax .

[@TaxGyanbyOPYadav]

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[@manisingh8879]

Sir, Very useful information. Fine presentation by you.

[@TaxGyanbyOPYadav]

Thank you very much dear Mani.Keep watching.

[@sunitabhattacharya8994]

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.

[@TaxGyanbyOPYadav]

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[@RAJNEESHKUMAR-ft6oy]

Very useful information Sir 🙏

[@TaxGyanbyOPYadav]

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[@Nilanjan_Dey]

Thanks Sir! A crisp presentation as always! Lucid and engaging!

[@TaxGyanbyOPYadav]

My pleasure dear Nilanjan.Thank you very much.

[@pdekarmakar]

Good informative and helpful, Thank you Sir 🙏

[@TaxGyanbyOPYadav]

Thank you very much. Keep watching.

[@sachinkondke1309]

A must see for all those who want to make a Will or have got property via a Will. Very insightful 🙏🏻

[@TaxGyanbyOPYadav]

Thank you very much for your feedback dear Sachin.

[@ranbirsharma4665]

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

[@TaxGyanbyOPYadav]

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[@targetcgl3828]

Thnku sir

[@TaxGyanbyOPYadav]

My pleasure. Regards

[@danishwani2054]

Very impressive

[@TaxGyanbyOPYadav]

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[@debabratabiswas8547]

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[@TaxGyanbyOPYadav]

So nice of you dear Debabrata.Keep watching.

[@devadev4379]

Yes, in both the cases gift or will, there is no income tax, but it attracts stamp duty, isn't it.

[@TaxGyanbyOPYadav]

Dear Dev My videos are on the provisions of the Income tax Act.

[@Dpatel-hp8fx]

If property is held as a stock in trade by a person and if the person give same property (land) to his daughter what is the tax consequence in these case?

[@ajstream5446]

What about relinquishment deed case , if sister want to relinquish their share in father property, will it be taxable

[@jyotirmoyadhya7784]

Gift should be among close blood relation. This point requires to be covered. Otherwise gift will attract tax as per current IT act.

[@TaxGyanbyOPYadav]

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 kzbin.info/www/bejne/bGjLk4yggsaIY5Ysi=Jk7q0fnD8Yz0R9IU

[@sc3564]

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?

[@TaxGyanbyOPYadav]

Please go to my channel, watch videos in playlists "Capital Gains" and " Income from other sources"

[@arpitkesarwani7221]

What will be the tax applicability to receiver of the gifted property if they sell that and how will they show that they received a property in gift?

[@TaxGyanbyOPYadav]

Please watch my video kzbin.info/www/bejne/qpWco4l5rcajorc

[@Aham.Brahmasmi]

If an immovable asset (land property) gifted by third person is it taxable please reply sir. Thank you.

[@TaxGyanbyOPYadav]

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[@VickyShah-h7q]

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?

[@TaxGyanbyOPYadav]

Please go to the playlists " Capital Gains" and "Income for other sources" on my channel and watch relevant videos.

[@sureshdeliwala6051]

if father live and his property gift to son it if fee or taxbale?

[@TaxGyanbyOPYadav]

Please watch my video kzbin.info/www/bejne/bGjLk4yggsaIY5Y&feature=share9 In case of any further clarification, please share your contact number on my email id [e-mail].

[@IQBees]

Sir jisne property as a gift deed receive ki hai usko ITR mein kuch dikhana padega

[@TaxGyanbyOPYadav]

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[@manjeetkaur558]

Sir, apne do flsts main se ik mkan apne putra ko gift karke apna ik anay plot bechkar nya mkan lene par kya capital gain ka laabh hoga?

[@TaxGyanbyOPYadav]

Facts are not complete. Please watch my video on section 54F

[@Xyz-oc1to]

If nri gufts immovable property to his mother. Is any party liable to tax or any TDS? Sir kindly reply

[@TaxGyanbyOPYadav]

Please go to play list " Income from other sources" on my channel and watch the relevant video.

[@samiulhaque9963]

mujhe pit SE mila gift ke me Ghar banane ke lye Janeen bechne par income tax lagega?

[@TaxGyanbyOPYadav]

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[@PuneetKaushik-r8x]

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

[@TaxGyanbyOPYadav]

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[@MukeshSoni-et7qr]

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

[@TaxGyanbyOPYadav]

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[@sohangolechha4463]

Useful information but taxable in the hand of receiver as income from others sources as capital assets received as Gift.

[@TaxGyanbyOPYadav]

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 kzbin.info/www/bejne/bGjLk4yggsaIY5Y

[@ABehniwall]

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....!!

[@TaxGyanbyOPYadav]

Please share your contact number on my email id [e-mail].

[@omkarsawant5193]

Sir do we have to pay tax on selling/ transfering of lease holder property for a consideration amount

[@TaxGyanbyOPYadav]

Dear Sawant ji, thanks for watching. Please let me know, the mode of acqusition of the property , will clarify. Regards

[@omkarsawant5193]

@@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

[@ankurchoudhary6692]

Tauji Apna bhteja ko ghr donate krta ha to tax lgaga kya ?

[@TaxGyanbyOPYadav]

Relevant video देखें kzbin.info/aero/PL5pXBD1oO_4AJvI3GjLZ1yiipK3wayZED&si=NP9a_XA_pnWBApLz

[@sksingh3711]

Sir , Non blood relation में कोई property gift करता है तो क्या donner या donie पर tax लगेगा ।

[@TaxGyanbyOPYadav]

आप मेरा विडिओ kzbin.info/www/bejne/bGjLk4yggsaIY5Y देखें

[@rowdyankit4778]

Gifts dead ka charge kitna hai sir

[@TaxGyanbyOPYadav]

My videos are on the provisions of the Income-tax Act.

[@mariaraquella3322]

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

[@TaxGyanbyOPYadav]

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[@karmveer1181]

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

[@TaxGyanbyOPYadav]

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[@jayaarora7135]

Jisko sir milra hai gift .. kya usko b tax exemption h

[@TaxGyanbyOPYadav]

Dear Jaya, thanks for watching. Please watch my video kzbin.info/www/bejne/bGjLk4yggsaIY5Y . 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

[@shivammishra-wl4bq]

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?

[@TaxGyanbyOPYadav]

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[@shivammishra-wl4bq]

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[@TaxGyanbyOPYadav]

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[@dharmendersaroha99]

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🙏🙏🙏

[@TaxGyanbyOPYadav]

Thanks for watching dear Saroha ji. Please watch my video kzbin.info/www/bejne/rqWom4GPrKegp6c to know- when the income from sale of agricultural land will be exempt from income-tax? and kzbin.info/www/bejne/pp_YeZ6ghZieabM 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- kzbin.info/www/bejne/bJaqeX6mpLOXack . In case of any further clarification, please share your contact number on my email id [e-mail]. It will be my pleasure to clarify after understanding facts.

[@MukeshSoni-et7qr]

Answer please sir

[@TaxGyanbyOPYadav]

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[@nilaykishore4889]

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 ?

[@TaxGyanbyOPYadav]

Dear Nilay, please share your contact number on my email id [e-mail] . Will speak and clarify. Regards

[@Yatri234]

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 🙏

[@TaxGyanbyOPYadav]

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[@ArshadKhan-sb8cd]

Sar ek aadivasi hai uske koi bhi uttradhikari nahin hai uske koi bhi bacche nahin main uski seva kar raha hun aur vah seva se Khush hokar uski jameen mujhe Dan mein Dena chahti hai main OBC varg se aata Hun to mujhe Dan mein mil jayegi uski jameen

[@TaxGyanbyOPYadav]

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[@mohitjain8544]

I want to Gift a house on which capital gains benefit has been claimed to my daughter.

[@TaxGyanbyOPYadav]

Dear Mohit, Please watch my video kzbin.info/www/bejne/nqebd5l5maxgn9E , if exemption was claimed under section 54 and kzbin.info/www/bejne/eIG8oqBvaZmtnpI , if exemption was claimed under section 54F.

[@S.khan.123]

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

[@TaxGyanbyOPYadav]

Thanks for watching dear Khan. आप मेरे चेनल की playlist - "Capital Gain" और " Income from other sources" देखें, संबंधित videos मिल जायेंगे । 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 your doubt after understanding facts.

[@Honey.sablok]

Relinquishment after death of parents is taxable or not?

[@TaxGyanbyOPYadav]

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- kzbin.info/www/bejne/d5zFh4uGftaXo6c However, on sale of such property, income-tax on capital gain become chargeable, to know more watch my video- kzbin.info/www/bejne/ap3amaugoJWSq68 Regards,

[@surajparkash7716]

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

[@TaxGyanbyOPYadav]

Dear Suraj Prakash, Please watch my video kzbin.info/www/bejne/bJaqeX6mpLOXack

[@surajparkash7716]

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

[@TaxGyanbyOPYadav]

Dear Suraj Prakash, Please share your contact number on my email id [e-mail] . It will be my pleasure to speak to you and clarify .

[@surajparkash7716]

@@TaxGyanbyOPYadav ok sir ji 🙏🏻

[@gouthambabupv8487]

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 ?

[@TaxGyanbyOPYadav]

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.

[@gouthambabupv8487]

@@TaxGyanbyOPYadav ok tq sir. Kindly tell me your view on consequence of gift subsequent to claiming of capital gain exemption

[@TaxGyanbyOPYadav]

Please share your contact number on my email id [e-mail]

[@akkudiary1138]

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.

[@TaxGyanbyOPYadav]

It is not possible to answer to your queries, without understanding complete facts. Please share your contact number on my email id [e-mail]. On the related topic, please Watch my video kzbin.info/www/bejne/mZXOgKdoj7OGa7s. 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 .