Gift tax implication
This query is : Resolved
28 December 2013
If the assessee has purchased a flat of Rs. 40L in India through cheque but has not filed his return for any financial year and he got the gift of Rs.40L from his relative staying abroad for the purchase of FLAT.
WHAT WILL BE THE TAX IMPLICATION IN THIS CASE?
WHAT WILL BE THE TAX IMPLICATION IN THIS CASE?
28 December 2013
there is no tax implication. the gift from the relative shall not be considered as income. Please check for the income from house property.
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