02 November 2012
one of our client purchased a NA land, and made the plots of the same land, 10 plots were sold and 5 plots gifted to his wife, whether such gift is a sale for him.... experts please put your replies
02 November 2012
You may show it as gift given in books, however from income tax point the same shall be taxable in the hands of your client under income from other soures, provided the value of plot gifted exceeds Rs. 50,000.
CAclubindia
