Gift of plot of land and Capital Tax

This query is : Resolved

CA Subhash Nayik (Querist)
Follow

26 November 2019 Dear Sir/Madam,

Sister gifted a plot of land to her brother and for the same gift deed has been executed and registered. Few days later brother gave Rs.15lakhs in the form of DD to her Sister for day to day expenses without any deed or agreement.

In this case, will attract any capital tax or any other options??

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

29 May 2020 Gift from specified relative is exempt from tax as per Section 56(2) of the Income Tax Act. Therefore, there will not be any tax liability on the gift of 15 lakh received by your son. Also, there will no tax liability on you. Any income received on the gift amount will be taxable in the hands of your sister. The gift will have to be supported by a gift deed, which is not required to be registered, however, please consider the issue of payment of stamp duty on gift of movable property.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Murugan

venkatesh c

PRAVIN S PANISHETTI

Suneel Shah

Samyak Jain

Subscribe Now

Gift of plot of land and Capital Tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANCY

CA Final

Accountant

GST CONSULTANT

Manager- Finance and Compliance