29 May 2010
Dear Sir, First of let me thank you for the simple explanation to all query raised by different peoples. Most of the sites gives reply in such a manner which is no different from the statue books. Hence that seems to be quite complicated. So lot many thanks.
2. i need a simple reply regarding gift tax. My brother owns a immovable property(shop valued nearly 35 lakhs). He has two minor sons. a)Whether he can gift the shop to my son without any consideration. b) whether it is taxable c)Apart from the gift deed any other documents are required to claim exemption d) any other formalities are requires for this purpose.
30 May 2010
Gift received in kind is not taxable but from 1-10-09, there is amendment in law and accordingly some specified property which include immovable property is received as gift on or after 1-10-09 and if value of such property as per stamp authority exceed Rs.50000, the whole amount will be taxable in the hand of receipient as income. furthur if u r son is minor the same will be clubbed in the parents income whose GTI is higher. Plz take the advice from practising chartered accountant before acting on same.
CAclubindia
