gift of Immovable Property
This query is : Resolved
09 July 2009
whether any sum of money received in cash or kind exceeding Rs 50,000 by an individual or HUF without any consideration shall be Taxable
( including Immovable Property)as per Section 56 of Income Tax Act,1961 as per amendment in Finance Act 2009?
And whether it is also taxable if it is received from relative
( including Immovable Property)as per Section 56 of Income Tax Act,1961 as per amendment in Finance Act 2009?
And whether it is also taxable if it is received from relative
09 July 2009
If it is received from relatives, as defined in the section, gift in cash/kind is tax free.
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