Income Tax Rule: Through the government, the father-grandfather is making changes from time to time regarding the property transfer. After which, many people are losing it, and many people are also getting the benefit. In this regard, Shubham Shukla, who hails from Meerut, received a house of 50 lakhs from his father in June 2024. He already has a house; he wants to know if there is a great need to report it on his income tax returns. Some information has been revealed in the conversation with the Expert. Let’s know about it in detail.
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What are the tax rules on gifts?
At the same time, the expert said that if a feature gets any property in the inheritance, then there is no need to pay tax on it. But, if you sell the property received from parents or grandparents, then you have to pay tax. According to section 56 (2 (x) of the Income Tax Act, if the total value of the total gift found in a financial year is more than 50 thousand rupees that it is considered income.
No property received in will
In the information, the expert said that the property found in the will is not considered income. There is no question of tax imposition or tax benefit on this. In such a situation, Shubham Shukla does not need to disclose this property in his income tax return, but in the financial year, taxpayer’s income is more than Rs 1 crore, it is necessary to disclose some special property and liability in the ITR. Its limit was 50 lakh rupees.
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What to do if you have more than 1 crore assets
On the other hand, if the income of a person is more than Rs 1 crore in a financial year, then he will have to give information about his movable and immovable property in Schedule AL of the income tax return. Because Shubham Shukla has more than one house property on the last day of the financial year, he will have to fill the ITR 3 form. Then he is entitled to use the tax reduction scheme presented for doctors under section 44 DA.