Gift of residential plot of land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2016
1) Can I receive plot of land from my father as a Gift
What will be the tax implication to me and my father
Apart from this I already have residential Flat ,Wealth tax will be levied or not ?
any other tax liability which occur in future from the transaction ?
What will be the tax implication to me and my father
Apart from this I already have residential Flat ,Wealth tax will be levied or not ?
any other tax liability which occur in future from the transaction ?
15 July 2016
Yes you can received plot as gift from your father. As gift from relatives is exempt there will be no tax implications for you or your father. But since it is a matter of immovable property registration of gift deed will be necessary. In wealth tax one residential flat or plot upto 500 sq m is exempt at the option of the assessee.
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