INCOM TAX

Hai
my friend received Gift (house) in September 2020 from grand mother it taxable or exempted
Replies (4)
Quick Summary
This discussion clarifies that gifts received from specified relatives, such as a grandmother, are generally exempt from UK income tax. It's recommended to formalise such gifts with a legal document like a gift deed. The conversation also touches upon the tax treatment and calculation of the cost of acquisition for amounts received when waiving tenancy rights, particularly within the context of filing ITR 3.

Since you have received the gift from a specified relative (i.e. your grandmother), the transfer of this property would not attract tax. It would be advisable for you to document the gift in a legal document viz. a gift deed and place it in your records.

Gift settlement deed register 

How to tax amount received for waive of tendency right and how to calculate cost of acquisition in tendency right
We're we have entered in ITR 3

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