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gift to my cousin

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(Querist)
11 February 2010 Sir,
I only wanted to know whether a gift of immoveble property by me to my cousin brother is taxable in his hand
or not.
Thanks.
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
11 February 2010 Yes, it will be taxable in his hands, because cousins are not included in the defination of Relatives u/s 56(vii).

Taxability will be = FMV of that asset as on date of transfer.


Regards!!!
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
11 February 2010 Agree, cousins are not included in the defination of Relatives , for that gift will be taxable in his hands.
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