GIFT
This query is : Resolved
11 March 2009
Two persons, A & B, jointly acquired a property for Rs.250000/-.Mr.A paid the entire amount of Rs.250000/- out of his own fund. A & B are non-relatives as per Income Tax Act 1961.As per deed both of them have equal rights in the above said property.
Is Mr.B is taxed for proportionate value of consideration i.e Rs.125000/- as a Gift from non-relative as per Income Tax Act,1961.
Is Mr.B is taxed for proportionate value of consideration i.e Rs.125000/- as a Gift from non-relative as per Income Tax Act,1961.
11 March 2009
if cash is given than it will be taxable. if its in kind than not taxable.
CA Nitin Wadhwani
(Expert)
12 March 2009
Gift in kind is not taxable.
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