Family settlement deed

Raaj (Querist) 01 September 2013 This query is : Resolved
Hello sir,
A Rented property tr by way family settlement deed from wife to husband.
1.What is tax liability for both.
2.Rent received count in whose income.
3.Is there any gift tax,capital gain tax.
Thanks for reply

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C. P. CHUGH (Expert) 02 September 2013
Section 64 read with section 27 provides that for the purposes of income the property would remain of the original owner and he/she shall liable to discharge tax burden on all income arising out of such transfer.

There is no capital gains/gift tax.

Thanks

Rajendra K Goyal (Expert) 05 September 2013
Well advised by the expert, nothing more to add.

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