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