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Gift transfer

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Querist : Anonymous

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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?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
31 December 2013 1. Gift tax has been abolished and not leviable.

2. Income tax is also not attracted in this case.
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