GIFT DEED

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This discussion clarifies whether a gift deed for agricultural land made by a mother's brother's wife is valid and addresses potential income tax implications. While gifts between specified relatives are generally exempt from income tax, a brother's wife is not considered a relative under the Income Tax Act. Therefore, a gift of agricultural land exceeding £50,000 in value to her would be subject to income tax.

MANJUNATHA M.R

MANJUNATHA M.R (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 February 2021 Yes, gift to relative exempt from income tax.

MANJUNATHA M.R

MANJUNATHA M.R (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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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