Gift of residential plot of land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2016 1) Can I receive plot of land from my father as a Gift
What will be the tax implication to me and my father

Apart from this I already have residential Flat ,Wealth tax will be levied or not ?

any other tax liability which occur in future from the transaction ?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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15 July 2016 Yes you can received plot as gift from your father. As gift from relatives is exempt there will be no tax implications for you or your father. But since it is a matter of immovable property registration of gift deed will be necessary. In wealth tax one residential flat or plot upto 500 sq m is exempt at the option of the assessee.