Gift of property
This query is : Resolved
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
26 March 2018
Only gifts received from relatives are exempted to tax.
26 March 2018
Taxable in your hands. IT act exempts only gifts from relatives
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/-.
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Loan by Partnership Firm
- Plot of land. Cost of Acquisition
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
