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Tax payable or not

Tax queries 134 views 2 replies

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

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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