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regarding gift
Can i gift 80 lacs to my sister which i received from government by compensation on compulsory acquisition of land.?
Replies (13)
yeah you can give. it's not chargeable to tax either in your hands or in your sister's hand. however you have to pay stcg or ltcg after computing cg
but compensation received on compulsory acquisition is tax free under section 96 of Right to Fair Compensation and Transparency in Land Acquisition,Rehabilitation and Resettlement Act, 2013.... whether i need to pay any capital gain tax on this exempt income..?
I don't think so . as per income tax act it's taxable unless otherwise you satisfy certain conditions as per sec 54D
Sir please read the CBDT circular no. 36/2016 dated 25 October 2016. and please make me clarify whether it is taxable or not..? its very urgent..
thanks for making aware of the circular. if you have sold land property then sale proceeds on compulsory
acquisition is tax free except the sales which fall under section 46 RAFTLARR of 2013
yess sir... so that means the compensation which i received i totally tax free and i can gift tha whole amount to my sister as a gift..? no income tax issues..?
yes it's tax free and no tax implication on gifting the same to your sister
thank you sir..
welcome mr. Shubham actually I need to thank you for making me aware of circular. thank you
ur welcome..
in this case as the amount is big enough u shud go for gift deed procedure for gifting.
ok luvish jain... only gift deed is sufficient..??
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