Gift deed taxable or not

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.

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.

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.

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.

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

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.

https://incometaxindia.gov.in/Tutorials/18.%20Tax%20treatment%20of%20gifts.pdf