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Gift relatives

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 November 2014 Does gifting immovable property to brother's son attract any income tax liability on any party?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 November 2014 no. covered under section 56(2)(vii)
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 November 2014 In the same way gifting to fathers brother will also not attract any IT??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 November 2014 yes the reverse is also covered....
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 November 2014 and lastly Brother's daughter also covered?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 November 2014 yes...please refer section 56...it provides complete definition
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