it assessess (brother) own immovable property value rs:60 lacs gift or exchange to sister son
another person (sister) own immovable property value rs:80 lacs gift or exchange to brothers son
question:
1.benefit of two propertys gift or exchange in it act.
2.sec 56(2) applicable and capital gains applicable in it act.
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Benefit of gift or exchange propertys in it act
Replies (4)
1. Gift is beneficial, as no gift tax over 'Relatives'.
2. As per explanation under sec. 56(2) of act, both the transactions are gifts from relatives. So no capital gain liability while gifting.
Refer sec 56(2) (x)
Please refer section 64(1) for clubbing provisions
Clubbing provisions here is not asked by querist.
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