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gift of Immovable Property

This query is : Resolved 
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(Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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