Gift to my sister for land property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 October 2014
now i am studying and got some amount(cash) from my uncle after i was buy one land property,this property registered to my name after two years late this property gift to my sister financial year 2013-14.my questions is above three person (me,uncle and sister) who is submit return for financial year 2013-14?this property exemption from tax u/s 56(2)vii?
Nikhil Kaushik
(Expert)
06 October 2014
the transfer from you to your sister is exempt. However, you need to check how your uncle is covered under definition of relative.
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