Is there an exemption under Income Tax on value of asset, say a land, gifted to a daughter? If so, what is the relevant Income Tax provision?
Thanks.
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 23 April 2014
Sir,
It is good news that you gifted your assets to his dauther. There is no tax on gifted the assets to his daughter, but in hand your daughter if raised any income from gifted assets the tax is applicable. Make a simple declaration in this regard on stamp paper and notaries the same.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
