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Flat on gift
what is the taxability for a flat given as gift to someone?
Replies (4)
Gift is not transfer under section 47..so in the hands of transferor. capital gain will not attract
Thanks! and in the hands of transferee?
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..
Okay thanks a lot!
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