Gift tax
This query is : Resolved
Shailesh desai
(Querist)
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 ....
CA. PIYUSH GOEL
(Expert)
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
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