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Flat on gift

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student
77 Points Joined April 2017
what is the taxability for a flat given as gift to someone?
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On 14 April 2020 at 18:30 Report
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212 Points Joined March 2018
Gift is not transfer under section 47..so in the hands of transferor. capital gain will not attract
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On 14 April 2020 at 19:14
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student
77 Points Joined April 2017
Thanks! and in the hands of transferee?
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On 14 April 2020 at 19:22
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212 Points Joined March 2018
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..
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On 14 April 2020 at 19:31
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student
77 Points Joined April 2017
Okay thanks a lot!
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On 14 April 2020 at 19:45

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