Tax implication on transfer of property within blood relation

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Transferring property to blood relatives using a gift deed or conveyance deed generally has no additional tax liability. According to Section 56(2)(x) of the IT Act, properties received as a gift or at a reduced cost from specified relatives are not considered taxable income.

SANGEETA JADHAV

SANGEETA JADHAV (Querist)
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08 June 2024 What is the tax implication on transfer of property within blood relation via gift deed or conveyance deed ?

Dhirajlal Rambhia online

Dhirajlal Rambhia online

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08 June 2024 Any property received by gift deed or transfer deed without cost or at lower cost, from 'Relatives' (as defined u/s. 56(2)(x) IT act) is not taxable.

CA Puja Sharma

CA Puja Sharma (Expert)
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08 June 2024 There is no additional tax liability when a propery is transfered by a gift deed from relative

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