Taxation on transfer of immovable property without consideration.
To resolve family asset distribution issue .i.e.
1. I want transfer of immovable property (agricultural land) without consideration to my father's cousin brother and with payment of applicable govt. stamp duty and registration charge is it possible?
2. What will be Taxation on transfer of immovable property without consideration? since property value will be more than 50K.
Please advice.
Father's cousin doesn't fall in relative definition so gift is taxable in recipient Donee. Upto 50000 exempt. However above 50000 say 60000 then whole 60000 is considered as Income under IFOS.
It is under corporation area. Is cousin fall under family relative defination?
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