17 December 2009
hi, if Mrs. X gives an immovable property as a gift to the married daughter of Mr. X's Brother will the fair value of the property be taxed under IT act, 1961. will this be considered as a gift to relative? kindly help.
17 December 2009
Being Father's Brother's spouse, Mrs X is the relative of the daughter of Mr. X's brother when she is gifting to her. However it is not the same vice versa. The daughter of Mr. X,s Brother is not the relative of Mrs X if she gifts to Mrs. X.
CAclubindia
