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Gift of property received taxable or not

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(Querist)
12 January 2015 sir/Mam,

If property received gift from father's brother wife, and stamp duty which is below 30,000/- it is taxable or not , if it is tax what is tax rate on which amount tax to be calculate ie Consideration Amount or Stamp duty.please clarify my doubt
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CA. Anoop Bhatia

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CA. Anoop Bhatia (Expert)
12 January 2015 Gift of property received from father's brother's wife is not taxable in u/s 56(2)(vii) whether or not the stamp duty value of property or the difference between the stamp duty value & consideration paid exceeds Rs. 50,000/-.

Since such gift is not taxable there is no question on rate of tax etc.
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Rupesh Jain

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Rupesh Jain (Expert)
13 January 2015 gift from relative is not taxable. value is not the matter.
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