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..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
