I want to give Agricultural Land as gift to Uncle-Fathers brother or to his son without any consideration. Will it attract tax to me ? I want to register this gift deed with stamp office. How much stamp duty will be applicable ? stamp office market value of Agricultural plot is Rs 7 Lakh
Menu
Gift of agricultural land to uncle-fathers brother
Replies (1)
As per section 56(2) if any immovalble asset is gifted to any person without any consideration and the stamp duty value of such property exceeds from Rs. 50,000 then such gifted asset will be taxable in the hands of receiver.
So such asset is taxable in the hands of your uncle or his son not in your hands.
Recent Topic
- Section 54F exemption for buying a plot
- My client missed to file ITR 3 for AY 25-26
- Subscription/Membership fees
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
Related Topics
CAclubindia
