01 September 2016
My Aunt (Chachi) wants to gift me a shop? (She is the spouse of my deceased father's brother) What are the tax implications? Gift Tax to be paid by me or her and at what rate? Stamp duty charges to be bear by me. Whether i can claim these expenses?
01 September 2016
the stamp duty value as on the date of gift will be treated as your income under section 56(2)(vii) (b) http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Querist :
Anonymous
Querist :
Anonymous
(Querist)
01 September 2016
After Stamp duty to be paid. But whether any gift tax to be paid or not? Whether she will be covered under relative or not?
01 September 2016
01. No gift tax. 02. Stamp duty and registration charges to be paid as applicable on the date of registration 03. Chachi (Aunt) is NOT covered under the definition of RELATIVE, with respect to you... (Chacha i.e. uncle is relative but not his wife)
01 September 2016
The above property has been purchased by my grand father and in his will, my chachaji was the owner of the property and he has given us the property but no written agreement has been made (in between chachaji has been died)
Now Chachiji and her childrens are ready to transfer the property in my name but all expenses has to bear by me
01 September 2016
ok....you go by section 56 (2) (vii) (b)
Querist :
Anonymous
Querist :
Anonymous
(Querist)
02 September 2016
As per the above provided section, chachiji is not covered under relative definition. This means, the above property to be valued as per stamp duty value and this amount will be deemed to be the income under the head income from other sources and tax liability occurs in this case. But earlier, you have said that gift tax not applicable. How and why??
02 September 2016
Provided further that Sec-56(2)(Vii) does not apply to any sum of money or any property received-
I. From any relatives, or
II. On the occasion of the marriage of the individual, or
III. Under a will or by way of inheritance, or
- See more at: http://taxguru.in/income-tax/taxability-gift-562vii.html#sthash.kuOgPkfa.dpuf
02 September 2016
on the occasion of marriage.......it has its own limitation......the intent of the Act is the gifts received from various people who attend the marriage.....which is , in fact, quite customary in India...... Getting a gift of immovable property in lumpsum.......will attract the attention of the Income tax department.....You will be carrying that risk.... Accordingly take the call
02 September 2016
For the purposes of this clause, "relative" means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);