Transfer of Property

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.

Replies (5)
Quick Summary
This discussion explores the tax implications of transferring immovable property, specifically agricultural land, without consideration. It clarifies that while rural agricultural land is often exempt from capital gains tax, transfers to individuals outside the defined 'relative' category, such as a father's cousin, are taxable. The recipient will be liable for income tax on the full value of the property if it exceeds £50,000.

Rural agri land will not pose any capital gain issue. Gift if falling within Relative definition, no gift adding issue in IFOS under section 56.
If it's rural agricultural land, it's not a capital asset and hence no capital gain.

father's cousin brother doesn't fall under the definition of relatives hence the same will be Taxable in the hands of recipient
Is it rural agri land or urban agri land ?

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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