Gift tax

This query is : Resolved

Safique Sardar (Querist)
Follow

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.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

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

K Srinivas, CMA CS (Expert)
Follow

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

Safique Sardar (Querist)
Follow

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Dhananjay Singh

Hmr Babu

Mikilesh Shah

CA Jyoti Singh

Phani

Subscribe Now

Gift tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Article Assistant