Applicability of section 50c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 January 2015
Dear Sir
I want to gift my house worth rs 78 lacks to my aunty/uncle. Whether section 50c is applicable & I have to pay capital gain tax ?
I want to gift my house worth rs 78 lacks to my aunty/uncle. Whether section 50c is applicable & I have to pay capital gain tax ?
Amol S Joglekar
(Expert)
20 January 2015
aunty and uncle....if they fall within the definition of RELATIVE as per section 56, then GIFT is not taxable. (Aunty and Uncle with its legal meaning are included in the definition of RELATIVE)
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