gift to my cousin
This query is : Resolved
11 February 2010
Sir,
I only wanted to know whether a gift of immoveble property by me to my cousin brother is taxable in his hand
or not.
Thanks.
I only wanted to know whether a gift of immoveble property by me to my cousin brother is taxable in his hand
or not.
Thanks.
11 February 2010
Yes, it will be taxable in his hands, because cousins are not included in the defination of Relatives u/s 56(vii).
Taxability will be = FMV of that asset as on date of transfer.
Regards!!!
Taxability will be = FMV of that asset as on date of transfer.
Regards!!!
11 February 2010
Agree, cousins are not included in the defination of Relatives , for that gift will be taxable in his hands.
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