Tax on gifts by others
This query is : Resolved
11 December 2014
Dear All,
If donor (other than relative) gift the immovable property to donee then what are the tax implications and in which year it is taxable to donee whether in the year of gift received or in the year of sale of the same by donee.
If donor (other than relative) gift the immovable property to donee then what are the tax implications and in which year it is taxable to donee whether in the year of gift received or in the year of sale of the same by donee.
11 December 2014
in the year of reciept it is taxable.
http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
refer this link for more details
http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
refer this link for more details
12 December 2014
its receipt is taxable under income from other sources if value is exceeds rs.50000/-
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