Dear All,
Following is the situation, Mr A's Mothers -Sisters> Grandson(MR D) wants to transfer the immovable property to Mr A.
Hence if Mr D gifts to Mr A will this be exempt under Income tax ?
If Mr D and Mr A executes the sale deed but the value is less than guideline value what are implocations ?
please help me solve this
regards
can u tell the price at which it is trfed
say around 20L and stampduty is higher than 50K
AS GRANDSON OF UR MOTHER'S SISTER IS NOT COVERED UNDER RELATIVE, THE TRANSACTION IS TAXABLE.........
if the transaction is done by way of will or probate or inheritence then its out of tax net, ,otherwise fully taxable in hands of receipent.
Jawahar and Associates Chartered Accountants
Hyderabad
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