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Gift from Relative (Father's Sister and Her Husband)

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(Querist)
14 September 2020 Immovable property having Market Value Rs. 33,00,000 and Stamp Duty above Rs. 50000 is received as gift from relative (Father's Sister and Her Husband) , is it Taxable under Income tax?

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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 September 2020 It will fall under gift to relative hence no tax payable.
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PARAS CHHAJED

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PARAS CHHAJED (Expert)
15 September 2020 Father's sister and her husband i.e. Bua and Fufa are covered within the definition of relative of an individual and therefore not liable to tax u/s 56(2)(x) of the I. T. Act, 1961
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