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?
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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
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