Hi,
I am going to receive a house from my lineal ascendants as a gift, but that person has not shown that house into his books what he has submitted to income tax deptt and even from day 1 he has not shown it in the books (P&L Balance sheet) he purchased that land in 1987 and constructed in 1990.
so i want to know that since he has not shown this asset in his books so :
1. can he gift me that property?
2. if yes that he can gift me that property whether there is any tax liability on either person (take below mentioned facts land purchased in 15,000 Rs. construction made is of around 3,00,000 (does not have any bill for construction but he is having the receipt of payment of land and at present the value of that is 24L as per registrar office)
CAclubindia
