Immoveable property sale
This query is : Resolved
10 May 2015
1)can we gift a plot to the mothers brother without sale consideration of gift of love.
2) can we have sale proceedings lesser than the sub registered value if the buyer is my mothers brother
2) can we have sale proceedings lesser than the sub registered value if the buyer is my mothers brother
CA PARAS BAFNA
(Expert)
10 May 2015
1. The gift will be taxable in the hands of mother's brother.
2.1 The sales consideration will be taken as the stamp duty valuation for the computation of capital gains in your case.
2.2 If the sales consideration is less than the stamp value by an amount exceeding Rs.50000/- , the difference will be considered as income of mother's brother.
.
2.1 The sales consideration will be taken as the stamp duty valuation for the computation of capital gains in your case.
2.2 If the sales consideration is less than the stamp value by an amount exceeding Rs.50000/- , the difference will be considered as income of mother's brother.
.
Message likes :
1 times
VISWANIVAS
(Expert)
10 May 2015
Your uncle comes under relatives list. You can gift him, and gift tax will not apply nit the value is taken as income.
Message likes :
1 times
11 May 2015
1)can we gift plot to my mother?
2)can my mother gift the same plot to her brother?
3)does this is taxable in the hands of mothers brother
2)can my mother gift the same plot to her brother?
3)does this is taxable in the hands of mothers brother
11 May 2015
I completely agree with CA Bafna ji's reply on all three points. While a gift received by bhanja from mama is exempt being relative reciprocal is not true especially in these kind of relations like mama bhanja or chacha bhatija since from the definition of relative it seems that the income tax act does not recognize bilateral relations so it is only one way.
However as for your second question you can gift to your mother and mother in turn may gift to her brother. Than it will not be taxable in the mama's hands.
However as for your second question you can gift to your mother and mother in turn may gift to her brother. Than it will not be taxable in the mama's hands.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- How do you manage client document collection and follow-ups in your CA/CS practice?
- ETDS return q4 25-26
- Capital gains in IT returns
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
