Gift tax
This query is : Resolved
20 March 2013
Can My father in law gifted a house to My wife? If yes so how much a Stamp duty is Payable and any gift tax is Payable or not? Please noted that my father in law purchase house in 2.5 year ago ......and in future if i am sale this house at that time what is my Purchase Price ....
20 March 2013
dear shailesh..
as per sec. 56(2)(vii) gift received by an individual is exempt if received from his relative and father is a relative as per that sec. therefore you can take gift without any tax liablity.
stamp duty will be payable as per the applicable rates of registrar office.
as per sec. 47 gift is exempt from capital gain tax.
as per sec. 49(1)cost of acquisition, of a capital asset being received by above mentioned mode,shall be the cost at which previous owner purchased it.
as per the judgement decided in the case of Pushpa Sofat period of holding of previous owner shall be considered for the purpose of nature of capital gain
as per sec. 56(2)(vii) gift received by an individual is exempt if received from his relative and father is a relative as per that sec. therefore you can take gift without any tax liablity.
stamp duty will be payable as per the applicable rates of registrar office.
as per sec. 47 gift is exempt from capital gain tax.
as per sec. 49(1)cost of acquisition, of a capital asset being received by above mentioned mode,shall be the cost at which previous owner purchased it.
as per the judgement decided in the case of Pushpa Sofat period of holding of previous owner shall be considered for the purpose of nature of capital gain
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
- Supply through E-commerce Operators
- STCG....................................................
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- TAN for Partnership
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
