12 December 2010
I hold joint immovable property with brother inherited from our father. I intend to gift my portion to him and he intends to gift money in nearer value. Will it amount to sales? what is incometax implications in such cases
12 December 2010
If the money to be gifted is in consideration of the property gifted then definitely it will amount to sales. and the tax will be calculated as per the provisions of capital gain.
But still you will be able to claim benefit of tax exemption u/s 54.
CAclubindia
