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property land transfer by other none blood (neighbor)
Whether the land transfer was purchase or gift or exchange?
IF YOU RECEIVED LAND(IMMOVABLE PROPERTY) FROM NON RELATIVE and its VALUE EXCEEDS ₹ 50,000 THEN IT IS TAXABLE AND YOU HAVE TO SHOW IT AS INCOME FROM OTHER SOURCE
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1. According to sec 56(2)(x) if the Immovable property is gifted(without consideration) to a relative then it shall not be chargeable to tax.
2. However if the same is given as a gift to some other person other than relative then it shall be taxable under the head Income from other sources in the hands of Transferee (with certain conditions for charging)
3. There is no need to show anything in return as the transfer of Immovable Property as a gift will not be considered as transfer as per sec 47(iii) and will not be charged to tax under Capital Gains in the hands of Transferor.
Please correct me if the above solution has an alternative view.
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