Taxability of gift made by indi. to charitable trust
Querist : Anonymous
Querist : Anonymous
The Individual person had given a Immoveable property valued of Rs. 21,00,000/- (stamp duty paid) is gifted to a registered Charitable trust by way gift deed. So I want know that what about tax liability in hands of Individual person ?
capital gains dont apply. Section 50C wont have the play here. Section 50c dont apply to gifts.
"Though gift is a transfer, there is no question of liability for capital gain in case of gifts U/s. 45, as capital gain pre-supposes consideration for transfer and in case of gift, it is a transfer for no consideration. Sec. 50C will also be not attracted as the same is applicable only to transfers for inadequate consideration."
http://www.taxmann.com/TaxmannFlashes/Articles/flashart13-1-11_5.htm
Further, gifts to charitable trusts are not covered under section 56(2)(vii) as it applies only to individuals and HUF.
http://220.227.161.86/30434bos20081aDTL.pdf
hope u will be able to check this link.
quoting from your link:
"Immovable property received by an individual or HUF for inadequate consideration taxable if the difference between the stamp duty value and actual consideration exceeds Rs 50000 Section 56(2)(vii)"
Now tell me honestly, since when a charitable trust became equivalent to an individual or HUF?
In the instant case, the Individual has given the gift, not received it.
I hope you will be able to read the query once again!
Click here to login now
Similar Resolved Queries
- SEC 54 OF IT ACT
- REGARDING GST ON COMMERICIAL PROPERTY
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS U/S. 194NF
- Whether still royalty
- DTCP approval
- Residential status for filling income tax returns in India
- Capital gain consideration
- Donation Receipt u/s 80G
- Moving to India from USA. Need advice on taxability
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
