Taxability

This query is : Resolved 

03 February 2012 Agri. land received as gift, whether it is taxable? And it is not received from a relative.

03 February 2012 Yes it is taxable u/s 56(2) of the Income Tax Act

03 February 2012 IT DEPENDS UPON THE AVAILABILITY OF LAND WHETHER IN RURAL/URBAN AREA:
1)IF THE AGRI.LAND IS AVAIL IN RURAL AREA THAN IT IS FULLY EXEMPTED.

2)IF IT IS AVAIL IN URBAN AREA IT WILL BE TAXABLE IF ITS STAMP DUTY VALUE EXCEEDS RS.50,000.THE STAMP DUTY VALUE WILL BE TAXABLE IN THE HANDS OF RECIPIENT.(U/S-56(2)(vii))




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