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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Jan 04, 2022

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Rafeeq on Jan 04, 2022Hindi

Money

My father gifted a home to me and my brother in the name of registration and remaining (other brothers are also included).

A few years ago, I was involved in share markets and mutual funds investment and banking asked me to submit an ITR file.

So I am very worried about my situation.

Shall I show it in my tax property (gift tax)?

Kindly clarify my doubt.

Ans: The relationship of father and son is covered under the definition of 'specified relatives'.

So, as per the current income tax rules, a father gifting his son is fully exempt, hence attracts NO tax in your hands.

You can show it in your assets.

However if, after computation, you do have tax payable for previous years on your shares and mutual fund transactions, you have an exposure and can consider paying it with interest.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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