04 March 2013
I AM GETTING A FLAT AS GIFT FROM MY FATHERS COUSIN BROTHER. IS IT GOING TO BE TAXABLE. please note that it is from fathers cousin brother.
04 March 2013
Gifts received from persons who come under relative definition exempt from tax..brother of parents come under this definition so exempt...but still i have one doubt although brother of parent is allowed but whether cousin brother will be allowed....other experts please share your views...
04 March 2013
Samir ji,this is going to be taxable. Where any immovable property is received without consideration, the stamp duty value of which exceeds Rs. 50,000, the taxable amount shall be stamp duty value of such property. The property shall be taxable under the head 'Income from Other Sources'. The definition of relatives covers brother or sister of either of the parents but it is not the cousin brother or sister of either of the parents. Therefore Father's cousin brother doesn't come in the definition of relative. Hence Gift of Property is taxable. You may also wait for some other replies on this query.
04 March 2013
https://www.caclubindia.com/articles/print_this_page.asp?article_id=963 This is a link where you can find the solution to this query because it includes various judgement on the issue of RELATIVES.
CAclubindia
