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Gift taxability under income tax act

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2013 can brother in law ( jija) can give gift to brother in law (saala) ?
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2013 and wat will be taxability in this case if property is transfer as a gift?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
01 February 2013 JiJa- is sister's spouse. So he is a relative of Saala or even Saali. Jija can make a gift. No taxability in case of transfer of immovable property as a gift also.
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Querist : Anonymous

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Querist : Anonymous (Querist)
02 February 2013 thn wat is d provision of stamp duty value if exceeds 50000???
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 February 2013 The provision is for Gifts received from Non- Relatives.
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If Stamp Duty Value of the property exceeds Rs 50000/- then the value of property so gifted, will be taxable in the hands of the recipient.
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