GIFT DEED
This query is : Resolved
25 February 2021
Dear experts can my mother brothers wife make gift deed of agricultural land situated in village. If yes is there any Income Tax on that? The distance between agricultural land to municipal is around 22 kilometers. Please advise me awaiting your suggestions.
25 February 2021
Yes, gift to relative exempt from income tax.
25 February 2021
Is it Mothers brother wife comes in the list of relatives notified in IT Act? She Gifted immovable agricultural land to me?
25 February 2021
She is not a relative, so tax payable on gift of land to non relative exceeding Rs 50,000in value. Tax payable in case of village land also.
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