CAPITAL GAIN

148 views
User Avatar

banda
68 Points Posted on 23 August 2020
Whether giving of immovable property as gift to relative or non relative is chargeable to capital gain tax in the hands of transferor or not.
0 Reply Share Follow
On 23 August 2020 at 07:51 Report
Replies (2)
Quick Summary
This discussion clarifies the UK's Capital Gains Tax rules concerning gifted immovable property. Generally, gifts to relatives are not subject to Capital Gains Tax for the recipient. However, if a property is gifted to a non-relative and its stamp duty valuation exceeds £50,000, the excess valuation may be taxable in the hands of the recipient under Section 56(2)(x) of the Income Tax Act.

User Avatar

110 Points Posted on 23 August 2020
No. but if immovable property traf as a gift to non relative and sdv is more than 50000 then sdv is taxable in hands of transfree( non relative) u/s 56(2)(x)
Reply
On 23 August 2020 at 08:55
User Avatar

Profession
28261 Points Posted on 23 August 2020
Amit



distributing gifts to relative is not taxable in the hands of transferee.

refer sec 56 (2)(x).
Reply
On 23 August 2020 at 12:03

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Upload Type - Correction. Not showing in TDS filli
  2. Partnership tax audit query
  3. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
  4. Form 146 foreign remittance us citizen
  5. GST 16(2) notice
  6. Which GSTR-1 upload error do you hit most often?
  7. Need advice regarding accounting fees
  8. Is it possible to get a refund for an accidental o
  9. ITR-3 Section P&L - speculative income - no bo
  10. Foreign Assets reporting

More recent discussions | Post

Related Topics :

Loading