Gift tax
This query is : Resolved
Safique Sardar
(Querist)
10 September 2017
Sir, for gifting of an immovable property without having any consideration to a non relative what would be the tax liability for donee and whether doner of d property needs to pay any tax? here both doner n donee are individual n both r not relative as they are friend.
Sir please clarify this as per applicable section.
Sir please clarify this as per applicable section.
K Srinivas, CMA CS
(Expert)
10 September 2017
Gifts will not be taxed if the gift is received from a relative or received by way of inheritance or by way of will or received on marriage or received from any institutions mentioned under Sec 10(23C).
Message likes :
1 times
K Srinivas, CMA CS
(Expert)
10 September 2017
In other cases, the donee needs to pay tax and donor will not be subject to any tax.
Message likes :
1 times
Safique Sardar
(Querist)
06 April 2018
thanx alot for your reply, very much satisfied from you.
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Urd purchase entry in tally prime
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
