Income Tax on Gift of Immovable property
This query is : Resolved
Mahesh Babu
(Querist)
17 December 2009
hi,
if Mrs. X gives an immovable property as a gift to the married daughter of Mr. X's Brother will the fair value of the property be taxed under IT act, 1961.
will this be considered as a gift to relative?
kindly help.
if Mrs. X gives an immovable property as a gift to the married daughter of Mr. X's Brother will the fair value of the property be taxed under IT act, 1961.
will this be considered as a gift to relative?
kindly help.
17 December 2009
Being Father's Brother's spouse, Mrs X is the relative of the daughter of Mr. X's brother when she is gifting to her. However it is not the same vice versa. The daughter of Mr. X,s Brother is not the relative of Mrs X if she gifts to Mrs. X.
Mahesh Babu
(Querist)
17 December 2009
Thanks a lot sir.
Mahesh Babu
(Querist)
17 December 2009
on the other hand can Mrs. X give the same gift to the Married daughter of Mr. X's Sister.
KRISHNA KUMAR R C
(Expert)
17 December 2009
position is same
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