Tax implication on gifted property
This query is : Resolved
06 November 2012
I would receive the Flat under the gift deed from My Uncle.
I want to know the tax effect of the same. as per the gift act it is 30%. on the Donner ie my uncle. But 30% of What amount?
or if any one is having another view . please tell me the same.
I want to know the tax effect of the same. as per the gift act it is 30%. on the Donner ie my uncle. But 30% of What amount?
or if any one is having another view . please tell me the same.
CA Jatin Kacha
(Expert)
06 November 2012
Now a days gift tax is not present in law.
if your uncle fall under the definition of "relative" under income tax act,1961, then it is exempt otherwise the fair value of gift is taxable under income tax under income from other source.
if your uncle fall under the definition of "relative" under income tax act,1961, then it is exempt otherwise the fair value of gift is taxable under income tax under income from other source.
06 November 2012
Thanks CA Jatin
My uncle is here my Father's Brother,
To my mind it will not get covered under the definition of Relative.
so my Uncles point of view i am the son of his brother.
Thus in this case the fair value of the flat is 15,00,000 , thus my uncle has to pay tax on the said fair value @ 30% ?
Please suggest your view.
My uncle is here my Father's Brother,
To my mind it will not get covered under the definition of Relative.
so my Uncles point of view i am the son of his brother.
Thus in this case the fair value of the flat is 15,00,000 , thus my uncle has to pay tax on the said fair value @ 30% ?
Please suggest your view.
CA.Sourabh Sethia
(Expert)
07 November 2012
if your Uncle is your fathers brother it is covered under relative
CA Jatin Kacha
(Expert)
28 November 2012
it is exempt from tax.
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