Gift tax
IF ANY PERSON TAKES RS.50 LACS WORTH PROPERTY BY WAY OF GIFT DEED THROUGH REGISTRATION FROM SISTERS SON, HOW IT WILL TREAT FOR GIFT TAX. WHETHER IS IT TAXABLE OR NOT. PLEASE CLARIFY IN DETAIL.
Replies (2)
It's taxable under head capital gain. Gift received is having worth more than Rs. 50000 and sister's son don't fall under the category of relative.
Yes, It is taxable but not under capital gain head.
Such income would be taxable in the year in which the gift is being received and taxable under head income from other sources.
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