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Point for discussion

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CA Lovenish Bansal

JOB

343 Points Posted on 09 July 2009

As per Amendment u/s 56(2) if immovable property is transferred exceeding 50000 it will be taxable under income from other sources.

u/s 49(1) if capital asset is transferred which was received as a gift cost of acquisition will be cost to previous owner.

It means same property is double taxed in same hands

Please make me right if I am wrong.

Thanks,

Lovenish Bansal

Replies (2)

Anumanchipalli Sathikonda

Tax Consultant

1559 Points Posted on 18 July 2009

Mr.Lovenish Bansal

Yes, it will be taxed in the hands of the latest donee (reciever of the gift).

Best Wishes

Sathikonda

yaa i to agree that it is the great blunder but hope it would be read like that if the property transfered is exempt value would be a as per 49(1) and if any gift rec from non relative which is exeeding RS 50000 will be taxable under ifos and then the value would be taken as per stamp duty valuation assessed or assessable if the property is sold there after