Taxability
This query is : Resolved
03 February 2012
Agri. land received as gift, whether it is taxable? And it is not received from a relative.
03 February 2012
Yes it is taxable u/s 56(2) of the Income Tax Act
03 February 2012
IT DEPENDS UPON THE AVAILABILITY OF LAND WHETHER IN RURAL/URBAN AREA:
1)IF THE AGRI.LAND IS AVAIL IN RURAL AREA THAN IT IS FULLY EXEMPTED.
2)IF IT IS AVAIL IN URBAN AREA IT WILL BE TAXABLE IF ITS STAMP DUTY VALUE EXCEEDS RS.50,000.THE STAMP DUTY VALUE WILL BE TAXABLE IN THE HANDS OF RECIPIENT.(U/S-56(2)(vii))
1)IF THE AGRI.LAND IS AVAIL IN RURAL AREA THAN IT IS FULLY EXEMPTED.
2)IF IT IS AVAIL IN URBAN AREA IT WILL BE TAXABLE IF ITS STAMP DUTY VALUE EXCEEDS RS.50,000.THE STAMP DUTY VALUE WILL BE TAXABLE IN THE HANDS OF RECIPIENT.(U/S-56(2)(vii))
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