A want to gift a long term property to his friend B without any consideration in F.Y. 16-17, stamp value of that property is 25 lacs . A purchased this property 2005-06 in 5 lacs. What will be tax implication in the hand of A & B. & What is best tax planning to save tax.
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Planning on capital gain tax
Replies (2)
if there is no relation between A and B then both has to pay tax
A has to pay tax under capital gain sale consideration is stamp value
B has to pay tax under the head income from other source as amount exceeded more than 50000
Capital asset recieved as gift from "relative" is fully exempt from tax.
If they are not relative -
1. The giver (A) will be liable to Capital Gain on transfer of property.
2. The reciever (B) will be chargeable to tax u/s 56(2)(vii). Stamp duty value would be taxable.
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