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Tax implication u/s 56 of I.T Act

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 June 2010 Mr X, an individual had received a gift of an immoveable property before 30.09.09.
Simple gift deed was executed on Rs10/- non-judicial stamp paper and notarised. Mr X has duly taken the possession of the property before 30.09.09 say on 31.08.09. Now Mr X wants to get the property duly registered in his name by payment of proper stamp duty thru registered deed before Registrar of Assurances. Considering the provisions of Sec 56, what will be the tax implication on Mr X?
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CA Kalpesh Gokani

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CA Kalpesh Gokani (Expert)
25 June 2010 Gift in kind was exempt from tax if received before 1st Oct. 2009. As gift deed was duly executed and also possession was taken before 1st Oct. 2009, it is exempt from tax.
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