gift of immovable property
This query is : Resolved
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
