A user is gifting property to their sister with no monetary exchange, expecting no capital gains tax. They are also receiving a 50 lakh gift cheque, which they believe is tax-free. The user is concerned about potential issues with the tax department if these transactions occur on the same day. The advice given is to avoid such tax planning strategies that may be construed as tax avoidance.
18 July 2020
Hello sir, I am giving property to my sister as gift. so no money involvement and no capital gain tax and in return i am also getting gift cheque of 50 lakh. It is also tax free.. so, do i have any problem ? if i do this on same day.. Please kindly let me know