Taxability of gifted land
My dad purchases land and registers it in my name. (Source of fund is his retirement settlement). The regd value of land is 5 lacs. Is that taxable under "GIFT FROM RELATIVES"?
Replies (3)
The land will be a gift recd from relative as father is a relative. However needless to say, son should be a major otherwise clubbing provisions will attract if any income is derived from such land
Actually..
Me.. (Son) currently working in PSU. My dad purchases the land from X by paying out from his retirement funds and registers it in my name. Is it taxable or exempt?
It is not taxable. Only point here should be that you should not be a minor.
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