Can the assessee gift the residential building to the person who is not related to them? If yes, then what is the procedure and whether it attracts stamp duty and registration charges? If yes, what is the position as per Income tax act for both?
Menu
Taxation on gift of property
Replies (1)
Stamp duty and registration chrgs is always required to be paid. as per the IT Act, the person receiving the gift ( if not on ocassion of marriage of the receiver) will be liable to pay income tax on the value of property under the head of "income from other sources".
P.S. property is taxable only if the value exceeds Rs. 50,000
Recent Threads
- Capital gains builder property
- Urgent Guidance Needed: New Proprietor Facing S
- Penalty 270A
- Form 10E to waive-off Severance Pay of 7 Years
- Incorrect Demand reflecting online in govt IT PORT
- Offshore company POEM for Indian resident
- Correction in 26QB filed for late TDS filing
- GST- ITC CLAIM ON LOAN PROCESSING CHARGES
- CApital gains deduction u/s 54EC
- Reversal of Cess shown in provisions credit balanc
Related Threads
CAclubindia
