09 February 2016
IN ASSESSMENT YEAR 2013-14 A RESIDENTIAL HOUSE PROPERTY HAS BEEN TRANSFERED THROUGH SALE DEED TO RELATIVES AT PRICE LOWER THAN THE STAMP VALUE.. WHY DIFFERRENCE BETWEEN SALES PRICE AND STAMP VALUE IS NOT TREATED AS GIFT TO RELATIVES, IF SEPARATE GIFT DEED HAS BEEN PREPARED FOR DIFFERENCE OF PRICESS TO AVOID 50C. HOW CAN I PROTECT MYSELF FROM 50C OR SAY HOW TO AVOID 50C PL. GUIDE US. WHY IT IS NOT DEEMED GIFT.
09 February 2016
As per the Merriam Webster's dictionary meaning the term 'gift' is 'something voluntarily transferred by one person to another without compensation'. Hence, sale residential house for inadequate consideration cannot be treated as gift, even the difference amount between Stamp value and actual consideration.
Also refer the definition of 'gift' as per section 122 of the Transfer of Property Act, 1882. “Gift” is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Acceptance when to be made.—Such acceptance must be made during the lifetime of the donor and while he is still capable of giving. If the donee dies before acceptance, the gift is void.
CAclubindia
