Gift of property received taxable or not

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ARCHANA (Querist)
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12 January 2015 sir/Mam,

If property received gift from father's brother wife, and stamp duty which is below 30,000/- it is taxable or not , if it is tax what is tax rate on which amount tax to be calculate ie Consideration Amount or Stamp duty.please clarify my doubt

CA. Anoop Bhatia

CA. Anoop Bhatia (Expert)
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12 January 2015 Gift of property received from father's brother's wife is not taxable in u/s 56(2)(vii) whether or not the stamp duty value of property or the difference between the stamp duty value & consideration paid exceeds Rs. 50,000/-.

Since such gift is not taxable there is no question on rate of tax etc.

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