Tax on property from grand father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 September 2013
I would like to know if there is a income tax on the property received from my father in law to my daughter. She is also working at present.
Please explain the tax details if she receives a house, gold and if she receive cash.
Please explain the tax details if she receives a house, gold and if she receive cash.
Sumit Grover
(Expert)
02 September 2013
that won't be taxable in the hands of your daughter....
Since, any gift(monetary/non-monetary) received from lineal ascendants/descendants is not taxable in the hands of the receiver
{Section 56(2)of Income Tax act,1961}
Since, any gift(monetary/non-monetary) received from lineal ascendants/descendants is not taxable in the hands of the receiver
{Section 56(2)of Income Tax act,1961}
CA.Vinita Gupta
(Expert)
02 September 2013
Agreed with the reply of Sumit. It would not be taxable as it falls under the definition of Relative
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