Transfer of immovable property without consideration
This query is : Resolved
22 August 2025
I have transferred my owned plot of land to religious trust as gift without consideration, whether such transfer is taxable in my hand ?? if yes what shall be consideration
22 August 2025
No. It will not be taxable to you. The trust liable to pay any tax over the gift received.
22 August 2025
Sir can you provide relevant section of income tax act ?
22 August 2025
As per Section 56 of the Income-tax Act,1961 gifts received by any person or persons are taxed in the hands of the recipient under the head ‘Income from other sources’ at normal tax rates.
Refer::: https://cleartax.in/s/how-are-gifts-taxed
https://incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs+on+Gifts+received+by+an+individual+or+HUF&c=1
https://tax2win.in/guide/gift-taxation-exemption-relatives
Refer::: https://cleartax.in/s/how-are-gifts-taxed
https://incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs+on+Gifts+received+by+an+individual+or+HUF&c=1
https://tax2win.in/guide/gift-taxation-exemption-relatives
22 September 2025
Good luck..
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