LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Gift deed taxable or not

Poonam ghadi (30 Points)

18 October 2021

if immovable property transfer through gift to person other than relative then any pax liability arises for donor ?

Reply
Follow
Share

11 Replies

Venkat (NA) (76 Points)
Replied 18 October 2021

If gifts of value more than ₹ 50,000 are received in a financial year without any consideration then it is fully taxable. Any Immovable property such as land, building received for amounts higher than ₹ 50,000 without consideration in a financial year is also taxable as per the stamp duty value of the property.

Poonam ghadi (30 Points)
Replied 18 October 2021

In case of donor, is there any tax liability?

Venkat (NA) (76 Points)
Replied 18 October 2021

No ! It's taxable in the hands of donee .

Stamp duty value of the gifted property less Rs.50000/- is taxable in the hands of donee not donor.

Venkat (NA) (76 Points)
Replied 18 October 2021

No ! It's taxable in the hands of donee .

Stamp duty value of the gifted property less Rs.50000/- is taxable in the hands of donee not donor.

1 Like

Poonam ghadi (30 Points)
Replied 18 October 2021

Thank u...

Venkat (NA) (76 Points)
Replied 18 October 2021

Hi !

Please read as below , slight correction !

If the Stamp duty value of the gifted property, exceeds Rs.50000/- then the stamp duty value is taxable in the hands of donee not donor.

Poonam ghadi (30 Points)
Replied 18 October 2021

Actually stamp duty value of rs 32100 and registration fees rs 5350, both are paid by donee. Nothing any expenses paid by donor then is it taxable in case of donee?

Venkat (NA) (76 Points)
Replied 18 October 2021

No ! Bz Stamp duty value as stated by you is not exceeding ₹ 50,000/- threshold.

Poonam ghadi (30 Points)
Replied 18 October 2021

Ok..thank u

Venkat (NA) (76 Points)
Replied 18 October 2021

Hi ,

Donee can claim this amount as deduction u/s 80-C as he has paid it. But in ITR for the FY in which this expense is incurred. e g if in FY 2021-22 then while filing ITR for FY 2021-22.