Gift transfer
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2013
Mr A sell rural agricultural land and part of the consideration received in cash and part by cheque. A house property purchased in the name of Mrs A. Now in the books of A, shows Loans & Advance to Mrs A and next year it converts in to Gift & gift deed made.
Does it attract any tax or not?
Does it attract any tax or not?
31 December 2013
1. Gift tax has been abolished and not leviable.
2. Income tax is also not attracted in this case.
2. Income tax is also not attracted in this case.
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