Gift Property Tax

Dear Sir,
My Client Received Land as Gift
So Gift is Taxable or exempt
Replies (2)
Quick Summary
This discussion clarifies the tax implications of receiving property as a gift. Generally, gifts received from relatives, as defined by Section 56(2) of the IT Act, are exempt from tax. However, gifts from non-relatives may be subject to tax.

If received from RELATIVE/S, then no tax; otherwise taxable.

Relatives as per sec. 56(2) of IT act.

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