27 May 2010
sir, my mother has a piece of land measuring 4000 sq.ft and she wants to gift the land to me.so please advice what could be the tax liability on the gift of the land to me.
Guest
Guest
(Expert)
27 May 2010
It wont be taxable u/s 56.
Relative is defined in the Act as (i) spouse; (ii) brother or sister; (iii) brother or sister of the spouse; (iv) brother or sister of either of the parents; (v) any lineal ascendant or descendant; (vi) spouse of any of the relative at clauses (ii) to (v); of the individual. Gifts received from these relatives will not be subject to tax.
CAclubindia
