Friends help me in this regard..
Mr. X sold his residential house property for Rs. 40,00,000/- to Mr. Y..Property value for the purpose of stamp duty is Rs. 50 lacs (Sec 50C)...
Capital gain is chargeable in the hands of Mr. X with sale consideration as Rs. 50 lacs....
Is Rs. 10 lacs chargeable as gift in the hands of Mr. Y !!!!!!!!!!!!!
as per sec 50c mr x not always liable 4 tax on stamp value..as far as gift consider...its always taxable
yes... if Y is not a relative of X
vide 56(2)(vii)
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