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.
Menu
Income tax exemption on gifting asset to daughter
Replies (2)
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.
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
