Gift
This query is : Resolved
Raj Kishor
(Querist)
01 June 2011
As per study material of ICAI gift in form of immovable property will be taxed under head income from other sources, if its stamp duty value more than 50000 after reducing any inadequate consideration if any.
But according Sir TN Manoharan's book if such property is received for inadequate consideration then it shall not be covered u/s 56.
Please tel me what is right. if it will not come u/s 56 then what will be its treatment?
But according Sir TN Manoharan's book if such property is received for inadequate consideration then it shall not be covered u/s 56.
Please tel me what is right. if it will not come u/s 56 then what will be its treatment?
CA PARAS BAFNA
(Expert)
01 June 2011
In case of such Immovable Property transferred without adequate consideration,
nothing will be taxable U/s 56((vii)(2)(b).
Only such Immovable Property which has been transferred without consideration,
will be taxable U/s 56((vii)(2)(b).
nothing will be taxable U/s 56((vii)(2)(b).
Only such Immovable Property which has been transferred without consideration,
will be taxable U/s 56((vii)(2)(b).
CA PARAS BAFNA
(Expert)
01 June 2011
Purchaser will not be liable for any tax,
provided consideration has been paid by him
for the immovable property.
The consideration may or may not be adequate.
provided consideration has been paid by him
for the immovable property.
The consideration may or may not be adequate.
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