Taxability of Income tax on gift of immovable property
This query is : Resolved
mahendra singh saluja
(Querist)
26 January 2010
One of my client has received gift of immovable property from his mother on 22.11.2009. The Govt value of the property is Rs.30.00 lacs & stamp duty payable on it shall be Rs.1.5 Lacs. Whether the transaction is exempt from income tax as the same is received from relative & if not what will be income tax treatment for F.YR. 2009-10.
If gift of immovable property is received by a lady from her mother in law after 01.10.2009 , is it taxable.Pl carify it.
If gift of immovable property is received by a lady from her mother in law after 01.10.2009 , is it taxable.Pl carify it.
Bimal Thacker
(Expert)
26 January 2010
The gift received from Mother is not taxable.
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