Varun Jain
(CA, B.com )
(392 Points)
Replied 25 April 2010
wef 1/10/2009 Gift in kind is also taxable and for this purpose value of stamp duty (In case of immovable property) shall be taken into consideration.
If gifted amount i.e. value for the purpose of stamp duty is exceeding rs. 50,000 then the amount of gift shall be taxed.
For eg. If a person gift any immovable property of rs. 20,00,000 and value for the purpose of stamp duty is rs. 15,00,000 then taxable amount in hands of recepient is Rs. 15,00,000
Also, if any person gift any assest ( excluding immovable property) then its market value shall be taken into consideration and if market value of gift is not exceeding Rs. 50,000 then it is exempt from income tax otherwise, entire amount received shall be taxable.
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