Query regarding gift tax

Save Share

This query is : Resolved

ANJALI NEGI (Querist)

27 October 2012 Greetings of the Day to all the Experts!!
i have a question. Karta of HUF interested to a Gift immovable property consisting of House property to a Trust created for charitable Purpose whether any Income tax or Gift Tax is payable by donar or donee ? If payble at What Rate ?

Amol S Joglekar

Amol S Joglekar (Expert)

27 October 2012 Income tax as well as gift tax is not payable by either donee or donor. Stamp duty and registration charges are required to be paid to Revenue authorities.

ANJALI NEGI

ANJALI NEGI (Querist)

27 October 2012 Sir, it means that no Gift tax is applicable on the above transfer of gift....

Amol S Joglekar

Amol S Joglekar (Expert)

27 October 2012 Gift tax is not applicable.

ANJALI NEGI

ANJALI NEGI (Querist)

27 October 2012 okk So who will bear the charges for registration and stamp duty HUF(Donor) or the Trust (Donee)..

ANJALI NEGI

ANJALI NEGI (Querist)

27 October 2012 Sir, can u quote any section to support ur reply..

Amol S Joglekar

Amol S Joglekar (Expert)

27 October 2012 Donation comes out of NOBLE cause. They are normally above all such COMMERCIAL considerations. Donor has to decide this.

ANJALI NEGI

ANJALI NEGI (Querist)

27 October 2012 But sir ..my question is not regarding Donation ..it is about Gift..the immovable property has been given as a gift to a trust ...my question is in this context.Would u clear my doubt???

Amol S Joglekar

Amol S Joglekar (Expert)

28 October 2012 Why do you want to distinguish between DONATION and GIFT? Please explain. So I will be in a more focussed way to give answer. Are you aiming at "acceptance by DONEE / receiver of GIFT"?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now