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Gifted property
if an assessee gift a property what is the treatment?
Replies (2)
Quick Summary
gift of property (Sec 47) is not treated as transfer so no capital gain in the hands of transfer-or
BUT
in the hands if receiver , if SDV per property > Rs. 50,000 then receiver is liable to pay tax on such gifted property u/s 56(2)(x) = taxable under the Other Source Head
Can you please specify that property is gifted to whom??? Any relatives?
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