Gift given by relative !

Hi ! 

Thanks ! So you mean that , if the said Txn is bw relations other than stated by you above  , then the income generated from the gift will not be clubbed with the donors income. Pl correct me if I'm wrong.

Hi ! 

Thanks ! So you mean that , if the said Txn is bw relations other than stated by you above  , then the income generated from the gift will not be clubbed with the donors income. Pl correct me if I'm wrong.

Hi ! Thanks ! So you mean that , if the said Txn is bw relations other than stated by you above , then the income generated from the gift will not be clubbed with the donors income. Pl correct me if I'm wrong.

Read more at: https://www.caclubindia.com/forum/gift-given-by-relative--581963.asp?offset=1

Learned gentle men , 

Thank you very much for all your efforts & valuble time . My query is -I have a (self earned ) plot which I bought in 2002 for 5 lac. A small portion of this I want to transfer as a gift to my employee who was with me for 40 years with out any consideration. The govt value of this plot is 70 lac . Is there any tax for the employee . I do not want any problem for him as he is not educated.. Pl help me.

vijayakumar

Hi !

Yes it's fully taxable if the stamp duty value exceeds ₹ 50,000/- for the piece of land gifted without consideration. Moreover PAN is mandatory for registeration of land in the employees name.

Respected sir,

Pl - my reasoning is like this .

 Income tax= the tax on your actual income, .( the provident fund contribution is not taxed as i have not recd in my hand, )  Gifttax= If I recd any gift in the form of money - it can be treated as an income. Suppose I receive an elephant - as a gift - -how can I be taxed.. if I sell this elephant -receive any amount as money -then the reasoning is correct. On a similar note - employees receive shares -which are paper - & unless it is sold they will not see the money. 

In these lines -what this employee receives is a deemed value& until he sells in his lifetime he will not earn any money . Then how he can be taxed.

Hi ,

Any immovable property rec'd as gift by donee ( being employee ) from donor  ( employer) with no consideration is taxable in the hands of a donee  if the stamp duty  value of gift exceeds ₹ 50,000/- as is in your case.