Whizkid (student) (640 Points)
20 October 2010As per the latest finance act, it has been stated that Any "Immovable property received as gifts is NOT TAXABLE with retrospective effect from "01.10.2009" ... Is this provision applicable for NOV 2010 PCC examinations,,,??? OR as per finance act act 2009, We should tax the immovable property ...?? Revert soon....
Neha
(Article)
(118 Points)
Replied 20 October 2010
Dear Whizkid..
I thnk u r gettng smthng wrong....from 01.10.2009.any immovable property received as gift whose stamp vallue exceeds rs. 50,000/-(if nothng has been paid by the donee) and if sm amt has been paid then if diff bw stamp value and amt paid exceeds rs. 50,000/-, such amt of gift is to be taxed (if the donor is nt the relative)....nd ofcourse this is applicable for nov 2010 exams..
CAclubindia
