Gift of property
This query is : Resolved
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
26 March 2018
Only gifts received from relatives are exempted to tax.
26 March 2018
Taxable in your hands. IT act exempts only gifts from relatives
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/-.
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
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