Query regarding gift tax
This query is : Resolved
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 ?
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 ?
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.
27 October 2012
Sir, it means that no Gift tax is applicable on the above transfer of gift....
27 October 2012
Gift tax is not applicable.
27 October 2012
okk So who will bear the charges for registration and stamp duty HUF(Donor) or the Trust (Donee)..
27 October 2012
Sir, can u quote any section to support ur reply..
27 October 2012
Donation comes out of NOBLE cause. They are normally above all such COMMERCIAL considerations. Donor has to decide this.
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???
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"?
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