Gift tax on flat received from ralative

Tax queries 544 views 2 replies

I am receiving Flat (immovable property) from my cousin without any consideration, whether gift tax i have to pay . my family tree is as below

                         Murari                         

Dadaji                                         Kashinath 

Murari                                         Mangesh

So  Murari is giving Flat to Mangesh, whether gift tax Mangesh should pay.

Replies (2)

Cousin is not a relative u/s 56. This gift of flat shall be taxable.

gift tax is payable


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