Income tax on gift deed
This query is : Resolved
ANIL SHARMA
(Querist)
11 January 2016
In case a person gets a piece of land as gift by way of gift dee from a non relative, then who has to pay income tax the donor or the donee and when he has to pay, and also let me know if any git tax needs to be paid the value of the property as per stamp valuation is Rs 7 crores.
CA PARAS BAFNA
(Expert)
11 January 2016
U/s 57(2)(vii)(b)(i) the receiver of the gift i.e. donee will be liable to tax under the head Income From Other Sources at Rs 7 Crore. There is no gift tax.
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