Gift of immovable property from a firm
This query is : Resolved
Guest
Guest
(Querist)
08 January 2012
Please clarify me whether the gift of immovable property received by the children from the partnership firm in which their parents are the only partners be exempt as a gift from relative u/s 56 of Income Tax Act,1961
08 January 2012
The better way is to get asset transferred to any or both of the parent partners and then after it would be gifted.
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