Easy Office
LCI Learning

Gift of property

This query is : Resolved 
Profile Image

Profile Image

(Querist)
26 March 2018 I HAVE RECEIVED A LANDED PROPERTY WOTH RS.600000/- AS GIFT FROM A FRIEND. IS THIS AMOUNT LIABLE TO GIFT TAX. IF IT IS TAXABLE WHAT IS THE TAX RATE
Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
26 March 2018 Only gifts received from relatives are exempted to tax.
Profile Image

K Srinivas, CMA CS

Profile Image

K Srinivas, CMA CS (Expert)
26 March 2018 Taxable in your hands. IT act exempts only gifts from relatives
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

K Srinivas, CMA CS

Profile Image

K Srinivas, CMA CS (Expert)
26 March 2018 In case of immovable property, the gift will be Stamp value of the property. It is assumed that the stamp value/guideline value is above Rs.50,000/-.
Profile Image

K Srinivas, CMA CS

Profile Image

K Srinivas, CMA CS (Expert)
26 March 2018 Also note that it is Stamp value and not stamp duty payable on such immovable property that should be reported as income in your return

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links