Gift tax how to calculate
This query is : Resolved
26 November 2012
SIR/MADAM
MY FATHER PURCHASED AGRICULTURE LAND YEAR 1990. NAME FOR MY FATHER'S SISTER (AUNT).
NOW LAST YEAR 2011 MY FATHER EXPIRED.
NOW MY AUNT HAS AGRICULTURE LAND TO GIFT MY FAMILY HOW TO CALUCULATE TAX.
MY FATHER PURCHASED AGRICULTURE LAND YEAR 1990. NAME FOR MY FATHER'S SISTER (AUNT).
NOW LAST YEAR 2011 MY FATHER EXPIRED.
NOW MY AUNT HAS AGRICULTURE LAND TO GIFT MY FAMILY HOW TO CALUCULATE TAX.
CA Ashwani Agarwal
(Expert)
26 November 2012
If she gives the land as a gift to you or your mother. There is no Income Tax liability on the same.
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