20 November 2009
A resident received a gift of house from non resident in out of india.what will be tax implication in hand of resident for gift of house.
20 November 2009
as per amended provision gift in king will also be taxable in the hands of receiver. There are some exception to this provisions, those are :
1. from any relative; or 2. on the occasion of the marriage of the individual; or 3. under a will or by way of inheritance; or 4. in contemplation of death of the payer.
Explanation.For the purposes of this clause, relative means (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi).
20 November 2009
I agree with Chetan.In your case, if the Non -Resident is not a relative then the stamp duty value of the house received as gift will be chargeable to tax if it is gifted on or after 1st Oct,09 as per section 56(2)(vii)
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