Gift tax- income tax

This query is : Resolved

N B S MURTY. (Querist)
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27 February 2014 sirs/madams,
Here my doubt is father aged 85 years sold a house property for Rs. 1700000/- and the same was given as a gift to his married daughter(58 years) in bank transfer.doubts
1. gift received by daughter is taxable income in the hands of daughter?
2. is there any gift tax payable by her father?
3. is there any other taxes attracts for this transaction placed in the year 2012-13.
(9-10-2012) please clarify my doubts.
MURTY

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 March 2014 1. Gift received from relatives is NOT taxable u/s 56(2)(vii)
Accordingly amount received by an individual from her father is NOT taxable in the hands of the daughter.

2. Gift tax has been abolished and is no longer applicable. So the father does NOT have to pay gift tax.

3. Since the father has transferred a capital asset, capital gain will arise on the transfer of the asset.

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