Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2012
My client has gifted a flat to a very close friend.I would like to have advise regardng gift tax involved in the same.Who has pay gift tax the donor or the donee.If tax is involved what is the rate of gift tax.
23 June 2012
1. Gift tax has been abolished. So there is NO gift tax to be paid.
2. Stamp duty will have to be paid at the time of registry.
3. Gift of property is not regarged as transfer and accordingly NO CAPITAL GAIN shall arise in the hands of the donor.
4. Such gift shall be taxable in the hands of the recipient as Income from Other Sources u/s 56(2)(vii). The stamp duty value shall be the amount of income.
2. Stamp duty will have to be paid at the time of registry.
3. Gift of property is not regarged as transfer and accordingly NO CAPITAL GAIN shall arise in the hands of the donor.
4. Such gift shall be taxable in the hands of the recipient as Income from Other Sources u/s 56(2)(vii). The stamp duty value shall be the amount of income.
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