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Gifted property

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Puneet kumar

Accountant

34 Points Posted on 27 April 2020

if an assessee gift a property what is the treatment?

Replies (2)

Quick Summary

When you gift a property, it's generally not considered a taxable transfer for the giver, meaning no capital gains tax is due. However, the recipient may be liable for tax if the property's stamp duty valuation exceeds £50,000. This is treated as income under the 'Other Sources' head. The specific tax implications can also depend on whether the property is gifted to a relative.

CA Naveen Chand

Chartered Accountant

12739 Points Posted on 27 April 2020

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