Is there an exemption under Income Tax on value of asset, say a land, gifted to a daughter? If so, what is the relevant Income Tax provision?
Thanks.
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Income tax exemption on gifting asset to daughter
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Sir,
It is good news that you gifted your assets to his dauther. There is no tax on gifted the assets to his daughter, but in hand your daughter if raised any income from gifted assets the tax is applicable. Make a simple declaration in this regard on stamp paper and notaries the same.
Read 56(2)(vi) of IT Act.
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