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Gift of property

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(Querist)
26 March 2018 I HAVE RECEIVED A LANDED PROPERTY WOTH RS.600000/- AS GIFT FROM A FRIEND. IS THIS AMOUNT LIABLE TO GIFT TAX. IF IT IS TAXABLE WHAT IS THE TAX RATE
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Sandeep Dharar

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Sandeep Dharar (Expert)
26 March 2018 Only gifts received from relatives are exempted to tax.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
26 March 2018 Taxable in your hands. IT act exempts only gifts from relatives
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
26 March 2018 In case of immovable property, the gift will be Stamp value of the property. It is assumed that the stamp value/guideline value is above Rs.50,000/-.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
26 March 2018 Also note that it is Stamp value and not stamp duty payable on such immovable property that should be reported as income in your return
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