01 June 2009
How many limits for Gift to Blood relation & others ? ex. :- 1) a father gives his son Rs. 150000 is taxable or not in f.y. 08/09 ? 2) a father gives his son to House property(Purchase :- 126000 in f.y. 94/95 and sell:- 384000 in f.y. 08/09) should be long term capital gain paid up for father ?
01 June 2009
1. No limit in giving gift to blood relations . therefore Rs. 1.50 lacs will not be taxable. 2. Gift in kind is also not liable to tax. Clarify your second querry whether it is related to LTCG or gift of sale proceeding from house.
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