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GIFT

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(Querist)
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.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
11 March 2009 if cash is given than it will be taxable. if its in kind than not taxable.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
12 March 2009 Gift in kind is not taxable.
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