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Gift from relative

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(Querist)
05 June 2019 a land received as gift from mother -in-law is taxable or

registration charges is rs 79856.
please guide me.
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Amol S Joglekar

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Amol S Joglekar (Expert)
06 June 2019 it is taxable gift. Son in law is NOT covered in the list of "relative" for the purpose of section 56 of income tax act
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Krishna Joshi

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Krishna Joshi (Querist)
06 June 2019 so the tax is charge upon registration fees , mentioned before
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Amol S Joglekar

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Amol S Joglekar (Expert)
06 June 2019 No. It is the value as mentioned in the sub registrar office ready recknor, as on the date of gift

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