10 February 2010
R/sir, I wish to gift a piece of land to my cousin brother (FUFA's son).I want to know that if the said gift is taxable to my said cousin brother.As he is a close relative of mine. Thanks & regards.
10 February 2010
From Oct 2009 such property transfers are taxable but if it is a transaction between relatives it will be exempt. Relative for that purpose are given in sec 56 of IT act.
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