11 August 2010
yes, bhabi can give her immovable property in gift to her dever. YEs Bhabi comes under the defination of Relative.
Immovable property transferred without consideration: Where immovable property is received by an individual or HUF without any conside-ration and the value of such property for stamp duty purpose exceeds Rs.50,000, the value of the said property for the stamp duty purpose would be taxable as income from other sources. (c) Immovable property transferred at a consideration which is lower than the valuation of the property for stamp duty purpose: Immovable Property at consideration, now outside the scope of section 56(2)(vii): When the strenuous provisions regarding taxing of gifts of immovable property were introduced last year in 1.10.2009, it had application on : (i) immovable property received at inadequate consideration by individuals and HUFs; and (ii) immovable property received without any consideration. In this Budget, the Hon’ble FM has retrospectively amended the provision w.e.f. 1.10.2009 to provide that section 56(2)(vii) will only apply to immovable property received without consideration. There was immense confusion among people after the enactment of the provisions last year, and many of them got their property registered within the cut off date i.e. 30.09.2009. This retrospective amendment will provide considerable relief to the buyers of immovable property at a consideration
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