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Immovable property

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(Querist)
27 June 2009 If a flat is gifted by parents to a son then is there any tax provisions is applicable for them or not.
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Ratan Sharma

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Ratan Sharma (Expert)
27 June 2009 Hi Ritesh,
Gift to son is exempt in income tax so also gift in kind is also exempt . No tax implications. In case of any income from such house then it will be added in the income of transferree if the son is minor.

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