Property given in gift
This query is : Resolved
14 February 2019
hello, A given a plot of land to B as gift(Without any consideration). A is not relative of B as per income tax Act. The circle value is 42 lacs and stamp duty paid on this value. What will be the taxation effect on both for ITR purpose. kindly give opinion. Thanks in advance.
14 February 2019
Gift from non relatives will be taxable. Tax will be payable on 42 lacs treating it as other income.
14 February 2019
thank U Sir, but let me know the taxation for Donor,
14 February 2019
No tax payable by donor.
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