Gift of immovable property
This query is : Resolved
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.
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.
This is a link where you can find the solution to this query because it includes various judgement on the issue of RELATIVES.
16 August 2023
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- RCM - commercial rent paid to URP under GST
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Payable outstanding for years disallowance
- DTCP approval
- Whether still royalty
- Strategic Performance Management and Business Valuation
- Appeals vs Writ court -certain doubt
- 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
