Tax on gift deed
This query is : Resolved
ANIL SHARMA
(Querist)
14 January 2016
If a non relative gifts a piece of land an nil consideration then the receiver has to pay income tax on the stamp value rate, i would like to know can the receiver take benefit of cost of acquistion and indexation of the original purchase price of the land while calculating income from other soruces
18 January 2016
Benefit of indexed cost of acquisition of previous owner who has gifted the asset can be availed only in case the transfer of asset is made which is liable for long term capital gains.
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