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Sales of Agriculture land
Sir I have sold my ancestral agriculture land for Rs 14.00 Now I want to give this amount to my son and daughter in law.please guide me can the income tax department has any objection to tfd this amount towards my only son and to his wife if yes please guide me what I do to give this amount to my son and to his wife.Thanks
Replies (3)
You can give this amount by cheque or NEFT, without any tax liability.
Make a gift deed for future need, if any.
Sir if the assessee make a gift by deed in case assessee is liable to pay the gift tax??
No gift tax liability when the amount is received from close relative, as per sec. 56(2)(x) of IT act.
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