If property received gift from father's brother wife, and stamp duty which is below 30,000/- it is taxable or not , if it is tax what is tax rate on which amount tax to be calculate ie Consideration Amount or Stamp duty.please clarify my doubt
12 January 2015
Gift of property received from father's brother's wife is not taxable in u/s 56(2)(vii) whether or not the stamp duty value of property or the difference between the stamp duty value & consideration paid exceeds Rs. 50,000/-.
Since such gift is not taxable there is no question on rate of tax etc.
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