Gifting versus Sale.

Tax queries 355 views 1 replies

 

Dear Friends,

I need to settle a property matter within the family and thereof I am "Gifting" my property to a blood relative and simultaneously receiving money as "Gift" from the same blood relative. Will this be understood as a sale transaction by the Tax authorities - How will the Tax authorities cross check the two transactions to establish it as a Sale Transaction?

Thanks

 

Replies (1)

As per i know, Cross Gift Transactions are not Allowed. the some will be added to your total income.

 

;)


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