Dileep (Accountant) (82 Points)
04 May 2013I 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
Ravi Kumar Mahaur
(CA-FINAL)
(202 Points)
Replied 04 May 2013
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.
CAclubindia
