• Income from will

My father wants to donate an immovable property to his grand son through WILL.Can grand son show income generated from that property in his income tax returns during life time of grand father?My son is a major and unmarried.Can I show this income in returns of my HUF account in which my son is a member?
Asked 1 year ago in Income Tax from Tirupati, Andhra Pradesh
Dear Sir,

In case of will, property gets transferred after the demise of that person. As during the lifetime of your father property does not get transferred, income will also not be transferred.

Instead of that your father can gift the property to your major son. Income generated from the property will be taxable in the hands of your son. It can't be included in the income of your HUF.

please feel free to call/ revert in case of any doubts

Thanks and Regards
Abhishek Dugar
Abhishek Dugar
CA, Mumbai
2774 Answers
112 Consultations

5.0 on 5.0

if the immovable property is received as a gift under the following circumstances, it will not be subject to income tax in the hands of the recipient: They are gift received from a relative, received on marriage, under a will, by way of inheritance, from a local authority, gift received from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in section 10(23C) and gift received from any trust or institution registered u/s 12AA.
in relatives grand son is also included.
 as per the clubbing of income provision, till the life time of your father any income generated from the said property will be included in your father's tax return.
Vishakha Agarwal
CA, Bangalore
431 Answers
56 Consultations

5.0 on 5.0

Sir the grandson will get the property only after demise of Grand Father. Thus during the lifetime of Grand father the grand son cannot declare the  income from property. Also the income cannot be shown in HUF. Only when the property is legally transferred he can show in his own or in HUF
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0

Hello Sir,

I will comes into force only upon the death of a person. Till the time he is alive it is his own property. If you want to transfer a property when a person is alive then you will have to enter in a gift deed.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Rohit R Sharma
Rohit R Sharma
CA, Mumbai
2089 Answers
90 Consultations

5.0 on 5.0

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