Tax on gifts by others

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Zeeshan (Querist)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 December 2014 in the year of reciept it is taxable.

https://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html

refer this link for more details

Rupesh Jain

Rupesh Jain (Expert)
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12 December 2014 its receipt is taxable under income from other sources if value is exceeds rs.50000/-

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