1. if person have under 250000 PA income .
2. transfer of property from someone free of cost to him.
3. is it any liabilty for him?
note :- here is no blood realtion and not a gift
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Tax payable or not
Replies (2)
in first case if income is below 2,50,000 then tax liability is NIL
including second case :
"here is no blood realtion and not a gift"
free of cost = gift
any immovable property is received (without any consideration or free of cost) and the stamp duty value of which exceeds Rs. 50000/-
stamp duty value is chargeable to tax
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