what will the the treatment of gift from my grandfather in form of property...!!
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Treatment of gift
Replies (5)
Dear Sir,
The relation between you and your grandfather is of a relative and gift received from any relative is exempt from tax in the hands of reciepient.
The relation between you and your grandfather is of a relative and gift received from any relative is exempt from tax in the hands of reciepient.
just pay the stamp duty. no impact from income-tax perspective.
okay... then if I sale that property ..
what will be it's treatment?
what will be it's treatment?
at the time of receipt there's no tax implications but when you sale the same, capital gain will attract subject to deductions under 54, 54F, 54EC etc
Gifts received from relatives are exempt from tax. Hence property received from Grand father don't attract any income tax.
However, in case of sale the treatment is same as if you sale your own property. The cost of acquisition of previous owner i.e., your grand father is to be considered.
However, in case of sale the treatment is same as if you sale your own property. The cost of acquisition of previous owner i.e., your grand father is to be considered.
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