Income tax

Querist : Anonymous (Querist) 18 December 2011 This query is : Resolved
Mr. X has one flat in his own name. Mr.X now purchased two separate flat- one for his adult son and other for his married daughter .Second flat was registered in jointly i.e. in his name and his daughter name.
advise me how to calculate tax?
if in future daughter will divorce his husband , then what will do ?
Adult son has no income tax return.

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ajay sethi (Expert) 18 December 2011
you have provided for your children and have taken care of their future needs .

in respect of first flat was full payment made by you ?

if your son has not made any payment how was flat purchased in his name only?

have you given gift to your son for purchase of flat?

as far as second flat is concerned if you have done all the payment s or even made 50%payment you will have to show it in your income tax returns .

as on date your daughter is 50%owner of flat . in the vent of your daughter getting divorced mention in the consent terms if any that your son in law will have no claim on said flat

soumitra basu (Expert) 18 December 2011
Both the income of the flat will be in the hands of the registered owner.
If your daughter divorsed her husband, then the husband shall not have any share in the flat.

Vineet (Expert) 22 December 2011
The income from flats will arise in the hands of registered owners.

As both children are major, no income will be clubbed in father's hand.

No gift tax.

In second flat, if the entire payment has been made by father directly, the IT authority may treat him as full owner of the property to tax income in his hand. t would be better that a gift deed regarding 50% payment is executed prior to purchase so as to prove that 50% purchase consideration came from daughter's resources.

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