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Gift tax on immovable property

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 May 2015 My aunty (Father's Brother's wife) wants to gift two plots ( Non agricultural plots meant for house construction) to myself and my brother. The price of each plot is respectively Rs 25 lac and Rs 12 lac.
Will there be any income tax implication for my Aunty, myself and my brother?

In case of any tax implication, can she gift the same to our children?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 May 2015 No tax implication for your aunty as well as for all of you.
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CA HITEN VELJIBHAI NAGDA

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CA HITEN VELJIBHAI NAGDA (Expert)
22 May 2015 Tax implication will be there when you and your brother will going to sale.

you have to take into consideration cost of acquision for your aunty and indexation will take into consideration accordingly.
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Querist : Anonymous

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Querist : Anonymous (Querist)
23 May 2015 Thanks Mr Seetharaman and Mr Nagda for providng the useful inputs.
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