Flat on gift
sakina (student) (77 Points)
14 April 2020
what is the taxability for a flat given as gift to someone?
4 Replies
Jeevan Vivekji
(212 Points)
Replied 14 April 2020
Gift is not transfer under section 47..so in the hands of transferor. capital gain will not attract
Jeevan Vivekji
(212 Points)
Replied 14 April 2020
As per sec 56(2)(x)..in the hands of transferee
if any immovable property received without consideration..the stamp value of that property is taxable.in head of income from other source
if it exceeds rupees 50000..
if any immovable property received without consideration..the stamp value of that property is taxable.in head of income from other source
if it exceeds rupees 50000..
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